The car industry is constantly evolving. From the late nineteenth and early twentieth century, when cars were first introduced to the market, to the very beginning of the 2020s, there have been monumental changes in the way cars are produced and sold.
Until recently, car buying was reliant upon in-person visits to dealerships, where car buyers could test drive the vehicles for themselves. These days, as with many other areas of life, car buying is undergoing a shift as the popularity of online research and 360° videos increases.
Read more about what the future of car buying is predicted to look like, how the market will change to suit a new generation of customers, and why car finance will continue to gain popularity among car buyers.
According to research into industry trends from Google, almost two thirds of car buyers say they would buy a car without test-driving it, if they were offered a 360° video ‘tour’ of the vehicle.
Online shopping needn’t be limited to small-ticket items, and competition among dealerships has driven many to include more and more information on their websites. Since the vast majority of customers will begin their research online before stepping foot on a dealership forecourt, car sellers need to be able to keep up with the demand for information, photos, and videos for each of their vehicles.
Car buying is rapidly going digital, and its seems likely that an increasing number of customers will commit to a new car before ever seeing it in person.
This is an excellent feature for motorway driving, where sensors monitor the stopping distance between your car and the driver in front, and help to maintain that distance using the accelerator and brake accordingly.
Over recent years, many people have started to take a more active approach to reducing their carbon footprint, and moving away from the use of fossil fuels. The trouble is, over 75% of UK adults hold a driving license and, until recently, electric vehicles were expensive, and charging points more difficult to come by.
But, as public awareness of pollution and climate issues has increased, the demand for greener vehicles has also risen, and manufacturers have responded by designing a greater variety of more accessible and affordable cars. Tesla, Audi, Volvo, Kia and Nissan are among some of the car manufacturers already offering electric vehicles.
Furthermore, with the introduction of a new government initiative called The Road to Zero, which aims to ensure that, by 2030, at least 50% of new cars sold will be electric or hybrid, the demand for electric vehicles looks set to rise.
There are many possible reasons why an increasing number of customers are choosing to buy a car on finance. For instance, the rise of internet research gives car buyers more opportunity to find a car finance company offering the right deal for them, while the flexibility offered by cheap car finance deals means that drivers are able to get behind the wheel of a better and more reliable car without the stress of a large, upfront cash payment.
As of 2018, around 80% of new vehicles were purchased through car finance, and with the rise of bad credit car finance, and cheap deals for new drivers and customers in challenging financial circumstances, the trend looks set to continue.