According to the data from an online retailer, there has been an increase in the sale of used sports cars during the period of March to May. That was when the Covid-19 lockdown had implemented globally. Let’s look at the further details on the reasons for the increase in the sales of sports cars during 2020.
Reason for Rise in Sportscar sales
Statistics
Value of Cars
Popular Used Sports car
Indian automobile market
FAQ
Reason for Rise in Sportscar sales
The rise of the sale of sports cars instead of a steep decline in the sale was not surprising said the CEO of CarShop Nigel Hurley. He also said that the increase in the sales is due to the restrictions laid down on the people during the period because of the lockdown.
He also added on saying that he was not surprised to see an increase in the sale of sports cars across England and Wales because he feels that sports cars were a source of relief for people during the distressing time of coronavirus lockdown. People were looking for something fun, positive and exciting to help themselves to get distracted from the situation of lockdown and the Covid-19 cases.
Holidays were stopped, vacations were canceled, weddings were postponed and family gatherings were cut down, and amid all these why wouldn’t one treat themselves, Asked the CEO of CarShop Nigel Hurley.
There was an unusuality in the data around the sales of sports cars in the West Midlands, North West and the East of England because the residents of these regions are largely from the rural areas. According to speculations the people in the rural regions might practically already own a vehicle.
They would have seized the opportunity of the lockdown to buy something which would provide them a bigger enjoyment factor. The sports cars would be something they could use to drive along their beautiful countryside and the surrounding areas.
This could be a replacement for the people instead of the stopped vacations and postponed weddings to create a sense of fun and enjoyment.
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Statistics
The sale of used sports cars had skyrocketed to an increase of 82% from March to May. In the West of Midlands, the sales of used sports cars increased up to 200% according to the data provided by CarShop.
The North West of England saw an increase in the sales by 185% and the East of England saw an increase in the sales by 159% respectively. This increase in sales was during the time where driving was banned except for any essential reasons when the Lockdown was announced.
The company has told that they had also seen an increase in their website for the sale of SUV segment of cars. They said that it was less surprising because there is an ongoing love in the western world for the SUV car segment.
SUV sales had an increase in their sales by 17% but this is not so dramatic compared to a large number of sales by Sports cars.
Value of Cars
The value of cars bought during the time of pandemic has increased which is quite notable as the pandemic and the nationwide lockdown had affected the economic situation globally. It had led to unemployment and depression worldwide.
The average amount a consumer paid in the UK last year that is 2019 was around 10,000 Euros from which it increased to 11,219 Euros during June and August in 2019 according to the data received by
CarShop.
Popular Used Sports car
According to the research, the most popular used sports car was the Mercedes Benz SLK. It is a compact roadster and the production of this car was started in 1996 and later it was rebranded to SLC. The car was later discontinued because of the increase in the competition from other players.
27% of the Mercedes Benz SLK’s sold were the ones which were released in the year 2015 and 23% of the SLK’s sold were released during the year 2014. It is said that more than 95% of these cars had automatic transmissions.
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Indian automobile market
In the Indian automobile market, Italian Automobile Lamborghini has reported that it had seen an increase of sales up to 60% in the year 2019. The company had told that they were going to concentrate on the super luxury segment market in India.
Some of the few reasons for the growth of the company in India was because of the spread of the demand towards Tier I and Tier II cities and a lot of entrepreneurs emerging in the country.
The company has also said that they were seeing an increase in the women buyers in India and added that more than 5% of the buyers were women in India.
FAQ
Which is the best used car website?
According to Investopedia, AutoTrader is the best overall website for used car sales.
What is the #1 selling car in the world?
Toyota Corolla is one of the best selling car in the world.
What is the fastest car in the whole world?
Bugatti Chiron Super Sport is the fastest car in the world with a top speed of 304.7mph.
Conclusion
These are some of the reasons for the increase in sports car sales during 2020. It is said that most of the cars sold were second hand sports cars.
Author: Alan Joseph
Source : https://startuptalky.com/sportscar-sales-surge-2020/
Date : 2021-04-05T13:28:09.000Z