An interesting aspect about the way people buy cars is that it can nearly be compared to way people buy stock on Wall Street. You can buy and hold for an extended period of time or you can buy, receive a certain amount of value out of the item and flip it back into the market. Although, you are not likely to see people “day trading,” cars unless they are a professional wholesaler.
Either way there are specific strategies being employed in the auto market and according a report released from AutoPacific, there has been a paradigm shift in consumer’s intentions.
An April survey conducted by AutoPacific revealed two interesting aspects about the current state of consumers. First, the general public has become cautious about making a new vehicle purchase, with 72 percent of participants saying they will not be actively seeking a new vehicle within the next year.
Secondly, according to AutoPacific, this implies that the buying public is concerned about the national economy as well as the American automotive industry. In addition to this, it confirms that individuals who plan to make a purchase will maintain their autos for an elongated period of time.
In a press release issued yesterday, the president of AutoPacific, George Peterson, said “Rapid replacers don’t seem to be changing their pattern, but people who previously bought a new car every one or two years have significantly scaled back their purchasing, and those who before bought every three to four years are now waiting at least an additional year.”
Peterson continued, hinting that the takeaway from this is may be “that consumers will be putting a higher priority on vehicles with a reputation for quality and durability that meets not only their short-term needs, but also their long-term expected needs.”
With that said, the Spies want to know, when are you planning to make your next purchase?
Have your plans been pushed back?
And, has the durability and reliability of a vehicle become more important to you?
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