Tags: Coronavirus | car | vehicle | demand | survey

Survey: Coronavirus Sparks Record Demand for New Cars

car dealership with nissan cars lined up in a row
(Dreamstime)

By    |   Wednesday, 13 May 2020 10:37 AM

The demand for new vehicles jumped to an all-time high in May, according to TechnoMetrica’s Auto Demand Index.

The index is a monthly measure of American’s intent to acquire new vehicles in the next six months.

TechnoMetrica said the demand was the result of Americans, particularly those living in urban areas, turning to cars over public transportation amid concerns over the coronavirus pandemic. It said the demand index soared 44 points to 180 — the highest score since TechnoMetrica began tracking in February 2007.

The index is based on a survey response of 1,225 people taken April 25-29 to the question: “How likely is that you will buy or lease a new vehicle within the next six months?”

The Northeast recorded the sharpest growth in new vehicle demand over the past few months. Between March 2020 and May 2020, the northeast has seen a 45-point gain in the index’s three-month moving average, from 110 to 155.

Here are some of the highlights from the survey used to compile the index:

  • 17.9%  who say they are likely to acquire a new vehicle in the next six months, plan to do so within the next month.
  • 37.1% of likely buyers prefer a luxury vehicle as their next auto purchase.
  • 20.4% of likely buyers favor acquiring a compact car, while 17.1% cited a desire for a mid-size car. 10.9% prefer a large SUV.

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The demand for new vehicles jumped to an all-time high in May, according to TechnoMetrica's Auto Demand Index. The index is a monthly measure of American's intent to acquire new vehicles in the next six months. TechnoMetrica said the demand was the...
car, vehicle, demand, survey
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2020-37-13
Wednesday, 13 May 2020 10:37 AM
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