While the auto industry struggles to counteract the effects of falling auto sales, a new study suggests that new car sales won’t necessarily be rebounding any time soon. According to market research firm AutoPacific, Americans are holding on to their cars for longer periods of time, and are there are continuing to stay clear of dealerships.
Research suggested that most would-be new car buyers intended to keep their cars for four years or longer rather than purchase a new car. This statistic, to the dismay of New York Hyundai Repair, is an increase from last year. Meanwhile, 72 percent of the general public intended to refrain from purchasing a new car for more than one year.
Needless to say, the economy is the largest factor in changing buying behavior admits Used Cars Yuma. Consumers that purchase a new vehicle every couple of years or less are becoming rarer in today’s economic environment. Despite the economy, one Nissan dealer in Tacoma points out that automakers are introducing attractive sales incentives and other programs to entice buyers to enter showrooms. Despite these initiatives, sales continue to be sluggish.
With over 32,000 respondents to the survey, the study likely indicates what the general public feels about car buying these days. Although recent signs suggest the worst may be behind us, the industry is still limping along and the rebound in new cars sales is clearly not going to happen overnight. Continue reading ‘Consumers are Holding onto Their Cars Longer’
