Perhaps a sign that the embattled U.S. auto sector may take longer than first expected to recover, a new study reveals that 59 percent of Americans will wait at least four years before purchasing a new car – a significant increase over previous years.
According to AutoPacific’s annual survey of new car buyers, 59 percent will wait four years or more before making another new car purchase. That figure is a significant jump from last year when only 44.8 percent of new car buyers said they would wait four or more years to purchase a new car.
“With the economy the way it is, the emotion and sex appeal of buying a new car isn’t there,” AutoPacific President George Peterson told Automotive News. “Cars are pretty good these days, and you’re not forced to go back into the market and buy a new car every three or four years.”
Overall, the survey – conducted last April – revealed that 80 percent of buyers will wait at least 3 years before purchasing a new vehicle. That could spell trouble for the U.S. auto industry as sales continue to hover around 27-year lows. Despite a predicted uptick during the latter part of the year, U.S. new car sales were down more than 35 percent through June.
