The weak economy is forcing consumers to assess the value of their current vehicle. The number one reason people delayed purchase is that their vehicle is in good shape (39%). The other top reasons are: vehicles have become too expensive (30%), general concern for the weak economy (30%), consumers are waiting for fuel-saving technologies like hybrids to become more affordable (18%), and interest rates for vehicle financing are too high (18%).
Delaying a car purchase is more apparent in lower-income households, where difficulty in obtaining financing is an issue for nearly a quarter of those respondents (24%).
"Car owners are considering the real costs and risks in buying a new model, emphasizing needs over wants," said Jeff Bartlett, deputy online automotive editor, Consumer Reports. "The shift in behavior 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."
In rank order, Toyota, Honda, Ford, Cadillac, and Mercedes-Benz dominated overall scores for brand perception. (Tire Review/Akron)