Study: Most Americans postponing next new car purchase by at least 4 years
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Study: Most Americans postponing next new car purchase by at least 4 years
http://www.leftlanenews.com/study-mo...t-4-years.html
Study: Most Americans postponing next new car purchase by at least 4 years
Perhaps a sign that the embattled U.S. auto sector may take longer than first expected to recover, a new study reveals that 59 percent of Americans will wait at least four years before purchasing a new car – a significant increase over previous years.
According to AutoPacific’s annual survey of new car buyers, 59 percent will wait four years or more before making another new car purchase. That figure is a significant jump from last year when only 44.8 percent of new car buyers said they would wait four or more years to purchase a new car.
“With the economy the way it is, the emotion and sex appeal of buying a new car isn’t there,” AutoPacific President George Peterson told Automotive News. “Cars are pretty good these days, and you’re not forced to go back into the market and buy a new car every three or four years.”
Overall, the survey – conducted last April – revealed that 80 percent of buyers will wait at least 3 years before purchasing a new vehicle. That could spell trouble for the U.S. auto industry as sales continue to hover around 27-year lows. Despite a predicted uptick during the latter part of the year, U.S. new car sales were down more than 35 percent through June.
Perhaps a sign that the embattled U.S. auto sector may take longer than first expected to recover, a new study reveals that 59 percent of Americans will wait at least four years before purchasing a new car – a significant increase over previous years.
According to AutoPacific’s annual survey of new car buyers, 59 percent will wait four years or more before making another new car purchase. That figure is a significant jump from last year when only 44.8 percent of new car buyers said they would wait four or more years to purchase a new car.
“With the economy the way it is, the emotion and sex appeal of buying a new car isn’t there,” AutoPacific President George Peterson told Automotive News. “Cars are pretty good these days, and you’re not forced to go back into the market and buy a new car every three or four years.”
Overall, the survey – conducted last April – revealed that 80 percent of buyers will wait at least 3 years before purchasing a new vehicle. That could spell trouble for the U.S. auto industry as sales continue to hover around 27-year lows. Despite a predicted uptick during the latter part of the year, U.S. new car sales were down more than 35 percent through June.
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Bull****...
Cars are an impulse buy. Right now it is cool to appear minimalist, and thrifty...especially when answering sruvey's. However put someone in a dealership with a car they want, and a deal they cannot pass up, and that changes fast.
Cars are an impulse buy. Right now it is cool to appear minimalist, and thrifty...especially when answering sruvey's. However put someone in a dealership with a car they want, and a deal they cannot pass up, and that changes fast.
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From: Albany, NY
I'm willing to bet Fords market share grows over the next few years as they pump out tons of new product. Honda and Toyota could see a lot of buyers wait as they have blander product and buyers that claim their cars will last forever.
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From: Sarasota FL
But the way I look at it is the way more Americans are starting to. My wife's car has 36k on it...my truck 35k. IMO, the useful life of most cars built today is at least 130-150k miles before anything really significant pops up. And even then, depending on the model that can be conservative. With a 3800 and a Hemi, I doubt I'll be blowing engines anytime soon.
I just took in an '03 Liberty on trade with 150k last night. The guy had been whining for 2 months he didn't NEED a new car. Finally, the muffler got a hole in it, and that was enough for him
People don't need cars nearly as often as they think they do. Americans are in a NEED mode at the moment, not a WANT mode. Hell, I'm re-financing both my cars today and pulling a little bit of equity out to pay off a couple things, because a local credit union is offering 3.99%!!! Can't beat that...
A new car isn't even really on my radar...if it was, I'd have already bought either a 300 or a G8 a year ago, likely
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From: Irving, TX
Not sure how this matters. There are roughly 300 Million Americans.
Say 1/2 are of the age to buy a car. 150 Million.
Now, 80% will wait 3 years. So, 120 Million will wait 3 year or more.
30 Million won't wait 3 years. 10 Million a year, not counting the problems of car accidents in which cars get totaled. Not a great number, but I don't expect the economy to be so bad in 3 years either.
Say 1/2 are of the age to buy a car. 150 Million.
Now, 80% will wait 3 years. So, 120 Million will wait 3 year or more.
30 Million won't wait 3 years. 10 Million a year, not counting the problems of car accidents in which cars get totaled. Not a great number, but I don't expect the economy to be so bad in 3 years either.
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From: Cheektowaga, NY (Buffalo)
It's an overall strange survey that's pretty tough to get good data from. The survey is being taken by people that just bought a new car. What they say now may not indicate how they really behave 3 or 4 years from now. I'd be more interested in a survey of those who DIDN'T just buy a new car.
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From: Arlington, Texas
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From: Bentonville, AR
Not sure how this matters. There are roughly 300 Million Americans.
Say 1/2 are of the age to buy a car. 150 Million.
Now, 80% will wait 3 years. So, 120 Million will wait 3 year or more.
30 Million won't wait 3 years. 10 Million a year, not counting the problems of car accidents in which cars get totaled. Not a great number, but I don't expect the economy to be so bad in 3 years either.
Say 1/2 are of the age to buy a car. 150 Million.
Now, 80% will wait 3 years. So, 120 Million will wait 3 year or more.
30 Million won't wait 3 years. 10 Million a year, not counting the problems of car accidents in which cars get totaled. Not a great number, but I don't expect the economy to be so bad in 3 years either.
For example, my father never made enough to buy a new car when all his kids were living at home. Even a new Aveo would be out of his reach at that time. To this day, I can't think of him owning a car that was less than 15 years old.
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From: Bentonville, AR
Also, something to consider. Many people I know trade cars around the time that the warranty gets near expiring. With warranties moving out from 3 yr/36,000 miles of a few years ago to 4 ~ 5 (+) yrs / 50,000 (+) miles it would make some sense that people would plan to delay that cost.
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We are currently planning a 10 year replacement cycle for our vehicles. The 2005 4runner in theory will be replaced by a 2014 or 2015 something or another. The 2009 Aura will be replaced by a 2019 or 2020 something or another.
Exception being if either car ends up being a lemon.
At this point I'm pretty confident the 4runner is a good vehicle. It's 5 years old with 45k miles and so far not a single issue other than a small crack that formed in the dash where the airbag presses against it.
The Aura is the last chance I'm giving GM with my own $$. So far I'm impressed by how much car I got for the money and the quality is mostly (though not entirely) acceptable. But it remains to be seen whether or not it will be reliable. If it ends up being a headache then I will reluctantly sell it and swear off GM. If it makes it 10 years with relatively few issues then I'll keep buying GM... may even replace the 4runner with a GM product if the first 5 years with the Saturn are good.
Exception being if either car ends up being a lemon.
At this point I'm pretty confident the 4runner is a good vehicle. It's 5 years old with 45k miles and so far not a single issue other than a small crack that formed in the dash where the airbag presses against it.
The Aura is the last chance I'm giving GM with my own $$. So far I'm impressed by how much car I got for the money and the quality is mostly (though not entirely) acceptable. But it remains to be seen whether or not it will be reliable. If it ends up being a headache then I will reluctantly sell it and swear off GM. If it makes it 10 years with relatively few issues then I'll keep buying GM... may even replace the 4runner with a GM product if the first 5 years with the Saturn are good.
Last edited by Threxx; Jul 15, 2009 at 11:05 AM.
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Joined: Jan 2002
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From: Hebron, KY
I also believe you can't put much weight on surveys like this. There are Americans making legitimate cutbacks, myself included, so I don't you can dismiss the idea that people will really wait for a new car purchase. Sure, not everyone is making changes. I see no shortage of traffic around the mall on weekends.
The "cash-for-clunkers" program is something to factor in. This should provide a significant bump to new car sales.
The "cash-for-clunkers" program is something to factor in. This should provide a significant bump to new car sales.
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From: Irving, TX
Add in that figure of the 150 million of driving age, not all will be financially able to buy a car.
For example, my father never made enough to buy a new car when all his kids were living at home. Even a new Aveo would be out of his reach at that time. To this day, I can't think of him owning a car that was less than 15 years old.
For example, my father never made enough to buy a new car when all his kids were living at home. Even a new Aveo would be out of his reach at that time. To this day, I can't think of him owning a car that was less than 15 years old.
