Whether you’re in the market for a new or used vehicle, knowing what the prevailing trends are in the car and vehicle market will stand you in good stead. Here are the latest trends in this segment and the important points that you should be aware of.
The chip/circuit shortage
The market is still feeling the effects of the recent chip shortage and as such, there has been an ongoing shortage in a wide range of vehicles. All manufacturers were affected, and some of the most recent models have been short-produced and have incredibly long waiting lists. There has thus been a heightened demand for new vehicles based on the reduced production levels, and a good strategy is to look at previous models or the pre-leased market to find great deals on the latest vehicles.
It’s a waiting game
Many people are simply waiting for electric vehicles (EVs) to drop in price and become more readily available. So, in the meantime, it’s the used-car market that you need to know how to navigate. You can find some top vehicles online, and a search for Mercedes Benz Plymouth is a great example of the varied nature of the used-car market at the moment. Have a clear idea as to what you’re looking for and budget accordingly, then do all the preliminary research on vehicle type, reliability, and value for money on the internet before you plan any test drives.
The virtual purchase process
Both the selling and buying process is now one that is being done virtually. This means that you need to have the technology and know-how to access the latest in vehicle shopping. Providing a means to get in and drive from the comfort of your own home, many dealerships now have a virtual reality or augmented reality component, and this is now an accepted part of the vehicle buying process.
You’d better get used to the idea, as the self-driven or autonomous vehicle is the next iteration of transport that is soon to be the norm. It is likely to start off in public transport and will require detailed state and traffic legislation to make it safe, but the self-driven vehicle is soon to be expected. The research and development that is going into autonomous driving and its linkages to electric vehicles means that they are likely to see the same trajectory or rise in popularity.
The rise of shared vehicles
It is argued to be one of the trends that has been least discussed: the rise of vehicles that are designed and made for sharing. The change in the way we work and travel to work has also necessitated changes in the manner in which we travel for fun and for leisure. Short- and long-distance shared road travel, that runs on clean fuels, is going to be a feature of future automotive development.
These are the trends in the car market at the moment and many of these will likely prevail in the short to medium term.