Keeping their distance
American consumers' intent to purchase new and used vehicles has been lower than that of their counterparts in Europe and Asia amid COVID-19, according to surveys by McKinsey & Co.
Purchase intent for new car vs. used car
Indexed to pre-COVID-19 value (=100)
As used-vehicle prices rise and retailers plan to expand their used operations, Americans' intent to buy previously owned vehicles is outpacing consideration of new vehicles amid economic uncertainty related to COVID-19, according to a study by McKinsey & Co.
