How This Past Year Has Affected Car Buying Habits

When my family and I moved a few years ago, one of the things that was on my list when we were looking for a new home was access to public transportation. I had a couple reasons of my own for wanting this in particular: 1) I don’t have a driver’s license because the very idea of driving car is terrifying to me, and 2) cars are expensive! You have to take a fairly large loan just to get one, gas prices keep on rising and maintenance and repairs on their own can cost thousands of dollars. Then to top it all off, you don’t get a return on your investment as cars lose value over time. It’s no surprise that so many people took to using public transportation and ride-sharing services if they were available in their area.

Then the COVID pandemic upended everything, and people became skeptical for their health on buses and, or using ride-share services like Uber. They may be convenient, but they are also a place where germs can quickly spread. Suddenly, having your own car was the only safe way to get around. In fact, there are those who used ride-sharing and public transit in the past that now prefer having their own car because of continued concerns of potential COVID-19 spread. 

At the same time, prices for new vehicles have been going up. According to a CNN Business interview with AutoTrader senior analyst Michelle Krebs, automakers are now offering fewer models that cost less than $30,000.

Despite the rising costs, I believe that there are still many of us are going to go and buy a new car in the near future anyway, or at least start planning and saving for one. The coronavirus hasn’t gone away just yet, and as vaccine rollout continues, staying in one’s own car is going to be the safest bet. I also predict that once this health crisis is over, younger millennials and Gen Zers, like myself, who bought cars now will continue to do so in the future. As for public transportation and ride-sharing, each has taken steps and made changes to make it safe for those who still rely on their services, but any sort of major comeback will only happen once we no longer have to worry about COVID.

I could see myself driving a car of my own if I ever have the guts to learn how to drive!