Latest survey finds apprehensive consumers delaying car purchases
A new study from a Detroit-based firm that does extensive forecasting work for manufacturers suggests there could be as many as 1.5 million fewer new vehicles sold this year due to nagging unemployment and widespread economic uncertainty.
The 2011 Automotive Outlook, by Detroit-based AlixPartners, projects that 12.7 million cars, trucks and crossovers will be sold this year, well below earlier industry forecasts of 13 million to 13.4 million sales for the year. One good bit of news, the company also forecasts sales to reach 13.6 million in 2012.
The survey of 1,000 potential American car buyers found a full 83% said they have delayed purchasing a new vehicle for at least a year. Most cited apprehension over their jobs and the economy in general as their reason for holding off on a new car or truck.
Once the economy rebounds and the new car and truck market turns upward again, The Automotive Outlook anticipates that small cars will experience a 13% annual growth rate between now and 2015, while small crossovers will grow 7%. Large cars, trucks and crossovers will gain just 2% compounded annually. Pickups, in particular, are expected to remain well below their peak of 2.9 million units, set in 2006.
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