A slight majority of those shopping for a new vehicle (52%) delayed their purchase in the prior year, according to Kelley Blue Book. Some 41% have delayed their purchase by seven months or more, and another 36% delayed their purchase by four to six months.
The reasons they delay their purchase include:
• Waiting to find the right deal before making their final purchase decision (72%);
• Being undecided on the specific vehicle they wanted to purchase (43%);
• Changing their search criteria since they started shopping (27%).
While they are searching for a new vehicle, 38% of shoppers have delayed mechanical repairs on their current vehicle, and 25% have delayed maintenance due to their economic situations.
On average, new car shoppers intend to keep their new vehicle for eight years.
Source: “Consumer Sentiment Study,” Kelley Blue Book Market Intelligence, James Bell, Executive Market Analyst, 195 Technology Dr., Irvine, CA 92618; 949-770-7704; jbell@kbb.com; www.kbb.com. Price: Available online at no charge.
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