Despite unprecedented new car discounts and rebates – which are at their highest levels in years, if not decades – a new study released today indicates that nearly half, or about 48 percent, of all Americans have delayed purchasing a new car as a result of tumultuous economic times. Surprisingly, only 18 percent of Americans surveyed said that they were delaying because of too-high interest rates for financing.
The most common reason for a delay in purchasing, according to the Consumer Reports study, was that 38 percent of those studies said they had re-evaluated their own cars’ condition and that their cars were in good enough shape to keep for a while longer.
Other top factors included: Vehicles have become too expensive (30 percent), a concern about the weak economy (30 percent) and waiting for fuel-saving technology to become more affordable (18 percent).
The study also asked buyers to rank their perception of automakers in seven categories, ranging from design and style to performance and even value. At the top was Toyota and trailing by a good margin was Honda . Ford , Cadillac and Mercedes-Benz rounded out the top five.
The study was conducted over the telephone from December 4-8, 2008.
