There has been a proportional increase in motorcycle and van finance applications, according to data from iVendi.
The company reported that at this point in May 2019, motorcycles accounted for around 7% of all applications and vans 5%. This has increased to 10% and 8% respectively year-on-year.
“While the overall number of finance applications we are seeing this year is, as you would expect, much lower than 12 months ago, the proportion of applications for motorcycles and vans is noticeably higher,” said James Tew, chief executive at iVendi.
“The obvious reading from this is that we are seeing two coronavirus-related trends feeding through into the figures. Firstly, there is an increased demand for light commercial vehicles for use by key workers in important support roles.
“Secondly, we are hearing anecdotal stories of some people understandably choosing to move out of public transport because of the risk of infection on trains and buses, instead moving into alternatives. The motorcycle sector is clearly part of this, especially when it comes to mopeds and other types of commuter bike.”
Tew added that there was a reasonable likelihood that this shift in iVendi’s finance application statistics would continue into both the medium and long-term.
“We’re almost certainly going to see a change in the transport mix as a result of the coronavirus situation. People overall might end up making fewer journeys overall but be very reluctant to share their transport with others when they do have to travel.
“It is likely that this will drive sales of cars, especially small hatchbacks, as people look to find alternative ways of getting to work, but it could also see the popularity of everything from bicycles and e-bikes to electric scooters and mopeds rise.”