According to the latest study by Irvine-based Kelley Blue Book (kbb.com) in-market car shoppers are again delaying purchasing a new vehicle. This is Kbb.com’s first Market Intelligence Study since the end of the CARS 2009 program (commonly referred to as Cash for Clunkers. The study also found, however, that the price consumers are considering paying for a new car has significantly increased in the month since the Cash for Clunkers ended.
In September, 50 percent of in-market car shoppers said they are delaying the purchase of a new vehicle; this is up nine points from 41 percent in July (prior to the start of the CARS program). Additionally, consumers indicate that in the past month they are less likely to be persuaded to change their purchase timeframe due to the availability of incentives, rebates and special financing offers.
In September, 63 percent of respondents indicated that the availability of incentives has not affected their timing plans at all, up 10 points from consumers who said the same in August.
In the past month alone though, the average amount shoppers say they are willing to pay for their next new car has increased $1,671. In September, shoppers said they would be willing to spend an average of $27,271 on their next new car, up from August when the figure was $25,600.
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