Half of Consumers Delaying New Car Purchases, Buying Used

December 5, 2008

This article is included in these additional categories:

Analytics, Automated & MarTech | Automotive | Financial Services | Promotions, Coupons & Co-op

More than half (55%) of US consumers say they are delaying a planned purchase of a new vehicle, or opting for a pre-owned one because of the current recession, a lack of consumer confidence, and a weak stock market, according to a survey from TNS.

The study asked 2,500 consumers if and how the current economy has affected their new-vehicle purchase decisions. Excluding those who say they don’t buy new vehicles at all, 43% say they have not changed their new-vehicle purchase timeframe. However, nearly half say they are delaying a purchase more than six months (30%) or are opting for a used vehicle instead (19%).

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A much smaller number say they plan to delay for less than six months (5%) or are buying sooner (3%) to take advantage of deals.

In terms of what consumers thought was the most important thing that might revitalize dismal vehicle sales, resolving the banking crisis was by far consumers’ leading answer, with nearly 40% selecting this remedy. This may possibly be linked to car buyers’ current inability to get credit, TNS said.

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Only 13% felt incentives and related deals on new vehicles would help the situation.

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