Brandon, Ore. - CNW Research's latest Retail Automotive Summary says that more and more car buyers are delaying their purchases, creating the potential for recovery in 2009. CNW compiled data on car buyers who have begun the purchase process but decided to defer the actual acquisition to a later date. Factors driving such a delay have included a change in lifestyle, job or personal health, but economic forces seem to be playing an increasing role.
The report found that, in the first three months of 2008, nearly half of car buyers who have deferred a purchase cited economic factors as the primary reason. Among those repondents, credit-related concerns were at the top, followed by housing. Such concerns have resulted in an average delay acquisition of 14 months, an 18-year high. CNW compares these figures to a typical delay of 10 months between 2001 and 2006 and 10.2 months last year.
CNW found that more than 90 percent of these buyers will return to the market at some point, even if that time is more than a year away, creating the potential for more encouraging figures in 2009. The Retail Automotive Summary also included new figures relating to new- and used-car floor traffic, marketing and the impact of delayed-billing consumer purchases on the automotive market.