Yonkers, New York – A recent survey by Consumer Reports has found that 48 per cent of those surveyed said that they planned to wait longer before their next vehicle purchase. The number one reason, cited by 39 per cent, was that their current vehicle is still in good shape; other reasons are that vehicles have become too expensive, concern for the economy, consumers are waiting for fuel-saving technologies such as hybrids to become more affordable, and too-high interest rates for vehicle financing. Delaying a car purchase is more apparent in lower-income households, where 24 per cent cited an inability to obtain financing.
“Car owners are considering the real costs and risks in buying a new model, emphasizing needs over wants,” said deputy online automotive editor Jeff Bartlett. “The shift in behaviour comes at a time when the economy has put jobs and household budgets in peril. And for those looking to buy, the finance crunch has made it more difficult to secure a loan. These factors have pushed consumers to change priorities and have influenced brand perceptions.”