News > Automobile purchases pick up speed as internet and leasing burn rubber

Automobile purchases pick up speed as internet and leasing burn rubber

 - 04/03/2021

The purchase of a new car takes less time than ever before and is increasingly accomplished partly or wholly online. The average time it takes to make a car purchase has fallen from 10 to 6 weeks in just a year and nearly one-third of buyers carry out at least part of their purchase online.

In 2020, the time people took to purchase a car plummeted to only 6 weeks compared with 10 weeks in 2019. Right from the start of the purchase, 41% of buyers claimed they had already chosen the make of their next vehicle.

Unsurprisingly, digital tools are also making inroads and more than one out of two buyers of new cars (54%, +10 points in a year) select the vehicle’s specifications online, either from their home or at a dealership in the company of a vendor.

Currently, 29% of buyers carry out at least one of the stages of their purchase online (+10 points in a year). This phenomenon is, in all likelihood, only at the beginning as 33% of buyers declare they are ready to buy their next vehicle entirely online (+4 points in a year). The trend had already emerged a few years ago with the appearance of price comparison sites and specialised purchasing platforms. Now, all car manufacturers provide online tools that enable buyers to customise and order a car in just a few clicks before they pick it up at a dealership, a process inaugurated by Tesla.

It should be noted that leasing deals (long-term rental or with the option to purchase) continue to gain traction among personal buyers, representing 42% of sales of new vehicles in 2020 (+3 points in a year).

 

Photo : skynesher / Getty Images