After China completely liberalizes epidemic control in 2023, coupled with the downturn in the real estate market, employment difficulties, and sluggish consumption, some consumers who originally used to buy houses have used their funds to buy cars.
The mortgage loan is 30 years, and a house can easily be priced at millions, while the car loan, if a car is cheap, it is more than 100,000 yuan, and the loan to buy a car is generally 3 years, and you can borrow for 5 years at most. The house or the car means that it is a question of a loan of 1 million or a loan of 100,000, and it also means a question of a loan of 30 years or a loan of 3 years, and the degree of pressure in this is incomparable. Low- and middle-income groups come to buy a car as the first choice to improve the quality of life.
Some people are paranoid that cars are consumer goods and houses are investment preservation, this view will not hold up after 2020, will the house not depreciate?
So, in the short term, when the economy enters a downward cycle and consumers are pessimistic about the future economic outlook, on the one hand, there is more cautious consumption behavior, including forced savings and lower consumer spending levels. Compared with buying a house, the expenditure debt of getting into the car is obviously lower.
Judging from the seventh national census in 2020, among the more than 40 million households in China, there are still more than 20 million households without cars, that is to say, as of the statistical date of 2020, nearly 60% of families in China still do not have cars, indicating that China's automobile growth space is still huge. Cars are one of the easiest industrial products to improve the happiness index of life.
On the other hand, the economic downturn has not affected the consumer spending of the wealthy class at all, and yesterday Rolls-Royce released its 2023 sales report, in which Rolls-Royce sold 6,032 cars worldwide, the highest in the company's 120-year history.