Retail

Americans Swap Mass Transit For Personal Vehicles As Pandemic Fuels Car Purchases

Americans Swap Mass Transit For Personal Vehicles As Pandemic Fuels Car Purchases

Cars.com found that more than a third of Americans are telecommuting as commuting habits have changed over the pandemic, placing more dependence on personal vehicles. The firm found that 66 percent of workers are saving valuable time on their trips to work, with buses, subways and train platforms remaining mostly empty as more Americans are working from home, according to a press release.

Cars.com found that 43 percent of Americans don’t trust other passengers to follow wellness and safety rules, and 57 percent at least moderately trust other riders. Sixty-five percent of bus passengers have stopped taking trips or are taking trips less often, while 60 percent of commuter rail or subway passengers have stopped riding or are riding less often.

Approximately half – or 49 percent – of Americans believe it will be at least three months before public transit goes back to pre-pandemic levels. A further 7 percent indicate they will never go back to their pre-pandemic public transportation levels. Also, 21 percent of Americans have bought a car in the last six months, with 57 percent indicating it was because of COVID-19.

Additionally, 66 percent of Americans are saving at least a half-hour daily on their commutes.

"Workers are saving up to an hour or more a day by not commuting, and finding significant value in this newfound gift of time. And when they do finally return to the office, it won't be via mass transit,” Cars.com Assistant Managing Editor Matt Schmitz said in the press release. “Personal vehicles will dominate the work commute as distrust in public transport and ridesharing continues."

In the used car market, Carvana reported a blockbuster Q2, with $1.12 billion in revenues and almost 56,000 units sold. And at Vroom, shares increased by two times from a $22 opening price for the initial public offering (IPO) in June, displaying a strong investor appetite for digital car sales.

——————————

NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

TRENDING RIGHT NOW