Fewer consumers are considering a new-vehicle purchase than in previous months.
SPEED Staff
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Posted April 21, 2009
Tustin, CA
A just-completed national internet survey shows a marked increase in consumers’ unwillingness to consider purchasing a new car or truck.
Beginning in September 2008, AutoPacific, a Tustin-based automotive market research firm, looked to its internet consumer panel to gauge the likelihood of consumers to purchase or lease a new (not used) vehicle during the next 24 months.
The most recent survey shows those who definitely/probably will not buy has increased to 42 percent in April, compared with 38 percent in March and 22 percent in September. This trend is reinforced by the survey’s definitely/probably will buy numbers, which have decreased to 35 percent in April, compared with 37 percent in March and 53 percent in September.
More than 1,100 people responded to the survey by AutoPacific, which monitors consumer intentions on a regular basis.
“In early 2008, the U.S. auto industry was hobbled by high gasoline prices, while consumer confidence was beginning its own collapse,” said George Peterson, president of AutoPacific. “Then, just as gas prices declined, the financial crisis hit, and vehicle sales fell even lower.
“One might think that the government’s stimulus expenditures, warranty guarantees for GM and Chrysler vehicles, or the rising stock market would have turned consumer sentiment around. But this survey shows that hasn’t happened, at least not yet.”
