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Car buying: The future of the industry

There is a lot to be excited about in the automotive industry right now as we look to the future.

Buying a car has never been more simple thanks to the developing industry that has seen numerous new digital car platforms emerge in the last decade.

Not only that but the flexibility and evolution of dealerships and showrooms making stock available has never been better.

This includes options to deliver the car directly to your front door, picking it up at a time that suits you best, and allowing you to customise your car to include whatever you wish.

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The coronavirus pandemic has helped shape the industry into a much more fine-tuned operation than it was prior to the breakout of the virus at the start of 2020.

We were starting to see more happen online and customisable services take shape, but dealers and showrooms have had to act quickly in order to keep their businesses afloat.

Government lockdowns and the uncertainty around jobs and the economy saw a huge drop off in new and used car sales, but we've seen a resurgence since restrictions have lifted and life has gone back to some normality in recent months.

It was always going to be a challenge changing how you operate during such unprecedented times, but the progress made by the car industry has allowed it to remain strong and there's no doubt that it will only be stronger with some of the new changes that are happening.

We take a look at how car buying has changed and what we can expect to see more of in the coming months and years.

Online

An increasing number of consumers have said they would be willing to buy a car online without test driving, providing that the car came with a 360-degree video showcasing all of the features from multiple angles.

Going online can be a huge benefit for people who want to browse at their own leisure without feeling pressured by a dealer.

It also means they can view multiple car brands and models without sticking to one in particular, and it's much easier to compare and consider different prices and features when doing it online than in person.

The accessibility and trust factor has increased substantially in recent years making it a shrewd option for anyone that is happy to do everything from the comfort of their own home.

Electric vehicles (EVs)

The rise in electric vehicle sales has grown exponentially in the last few years and with the increased accessibility to charging stations, it's becoming a more popular venture for many consumers.

With the government law banning the sale of new petrol and diesel cars from 2030 coming into play, it's likely that people will try to get ahead of the curve and purchase their EVs way before that cut-off point in order to adapt to the new type of vehicle.

The social issues we've faced recently with people panic-buying fuel will also have had an impact on EVs and the desire to get on board with one.

We certainly expect the demand to increase in the next few years, especially as car brands manufacturer more EVs ahead of the 2030 UK government ban.

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New technology

The advancement in technology in newer cars is incredible. To see how far things have come in just a few years is crazy, and there is so much more to come in the future.

We are close, if not already there, with autonomous cars; automatic sensors can detect car parking spaces and lines on the road to keep you in lane; cars can literally parallel park for you,

The possibilities are endless and new technology is sure to inspire people to buy newer cars over used vehicles.

Car buyers are also able to customise what they want and don't want in their vehicles, so having that flexibility is a great way to secure a sale with someone buying new than its used counterpart.

Car finance

The car finance options available are excellent. More than 80% of people who buy a new car take out some form of a finance plan to help them cover the cost and it's an invaluable feature that allows the automotive industry to progress.

The internet has also allowed more research to be done ahead of time, as well as using credit sites to check how eligible you'd be to take out a loan before you apply.

Low deposit options and longer-term agreements mean people can make fixed repayments at a cost that suits their needs and budget and allows them to get into the car they want without breaking the bank.

Do you have a car currently on finance that you would like to upgrade or potentially like to save some money on? If so, sign up below by entering your finance details and we can see if we can help you with your deal today.

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