Consumers Still Reluctant to Buy New Cars
April 20, 2009
TUSTIN, Calif. (April 20, 2009) - A just completed national internet survey shows a marked increase in consumers' unwillingness to consider purchasing a new car. Beginning in September 2008 AutoPacific, a Tustin, Calif.-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 in the next 24 months. The most recent survey shows those who definitely/probably will not buy has increased from 22% in September 2008, to 38% in March 2009 to 42% in April. This trend is reinforced by the survey's definitely/probably will buy numbers which have decreased from 53% last September, to 37% last month to 35% in April 2009. Over 1,100 persons responded per survey."In early 2008 the US auto industry was hobbled by high gasoline prices, while consumer confidence was beginning its own collapse. Then, just as gas prices declined, the financial crisis hit, and vehicle sales fell even lower," says George Peterson, president of AutoPacific. "A key component of AutoPacific's sales forecasting practice includes monitoring consumer intentions on a regular basis. 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."
About AutoPacific
AutoPacific is a future-oriented automotive marketing research and product-consulting firm. Every year AutoPacific publishes a wide variety of syndicated studies on the automotive industry. The firm, founded in 1986, also conducts extensive proprietary research and consulting for auto manufacturers, distributors, marketers and suppliers worldwide. Company headquarters and its state-of-the-art automotive research facility are in Tustin, California, with an affiliate office in the Detroit area. Additional information can be found on AutoPacific's websites: http://www.autopacific.com and http://news.vehiclevoice.com.
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Contacts:
Dan Hall, AutoPacific, (714) 838-4234, dhall@autopacific.com
Dan Smith, PCGCampbell, (310) 224-4954, dsmith@pcgcampbell.com