While 38% of consumers intend to postpone the car purchase an equal number of consumers also intend to pre-schedule their car purchase indicating demand prevails
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A new study confirms that 70percent of Indian patrons are willing to try subscription-based ownership and servicing of different models from the same brand. Deloitte Global Automotive Consumer Study 2021 states that the emerging trend, at the back of the pandemic which has left them more cost-conscious, is seen the highest among Indian consumers, followed by China and the Republic of Korea. With 37 percent of consumers planning to buy a car in India much earlier than planned, a subscription model is a viable option for the consumer, OEMs as well as distributors indicating greater demand for mobility options in the marketplace.
The study, in its 12th year, provides insights from 24,000 consumers across 23 countries on how they feel about electric vehicles, vehicle purchasing, financing, and more. According to the study, Indian consumers have altered their timeline for acquiring a new vehicle and are willing to consider more affordable options. Now people are in the Mind set of Renting the car or choosing the Option of Hassle free rental car or self driving car rentals
Shift in consumer mindset
Shifts in consumer mindset show them rethinking about not only their next vehicle purchase but also what type of vehicle they will buy next. Timelines for acquiring their next vehicle vary greatly across the world and approximately one-third of consumers in India (38 percent) plan on delaying their next vehicle purchase and 65 percent of consumers intend to acquire a less expensive vehicle indicating a downside demand risk in the country.
Newer financing options emerging and over 50 percent of Indian consumers would like to go for early termination as an option for vehicle finance accounts.