The dominant reaction to the chaos wrought by the virus over the next year or two will be a reluctance to upgrade existing cars - economic uncertainty being the main driver.
Keeping existing cars is less of an issue unless personal circumstances force sale. If running costs are reasonable it may make sense simply to hang on to what you currently have until the fog of uncertainty lifts.
Other half has a 10 year old Hyundai I10. Only fault is non-functional aircon. Only does 2-3000 miles pa. Six months ago we considered buying new/nearly new - probably won't bother now. Not due to financial stress, but it seems pointless to spend £10k on a small car to replace that for which road tax, insurance and a once a year service gives change from £400!
Maybe the type of business to invest in now is car spare parts for older (10yo+) vehicles, given many people won't be able to afford new cars for some time.
Next things on the horizon to likely replace for my 14yo Mazda3 are:
Battery (No. 4)
Power steering pump
Front springs and dampers
A/C components and/or refrigerant (still on original charge)
Not cheap, but still far less expensive than a £20k+ new car, though that Fiat daveyK mentioned looks a bit tempting for half as much!
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