Report: Era of Impulse Purchases of New Vehicles Is Over

YONKERS, New York — If the dramatic drop in new vehicle sales hasn't convinced you of the dire times in the auto industry, Consumer Reports is out with a new survey that shows Americans have put the brakes on car buying in a big way.Nearly half of Americans surveyed told the consumer watchdog that they will delay their next vehicle purchase. 'Car owners are considering the real costs and risks in buying a new model, emphasizing needs over wants,' said Jeff Bartlett, Consumer Reports' deputy online automotive editor. The Consumer Reports 2009 Auto Brand Perception Survey found that buyers are holding off car purchases for a number of reasons, including concern for the weak economy. Other factors cited include that their vehicle is in good shape, vehicles have become too expensive, and interest rates for vehicle financing are too high. Consumers also said they are waiting for fuel-saving technologies, such as hybrids, to become more affordable.The study also looked at individual car brands. Americans rated Toyota and Honda the highest in overall brand perception. Consumers said Honda delivers the best value, while Toyota and Kia moved up in the value rankings.Porsche and BMW topped the performance category. Consumer Reports noted that 'Toyota continues to own the 'green car' concept in the public's eyes, propelled by the Prius hybrid.' In other results, Lexus snagged the lead from Mercedes-Benz over last year in the design/style category. This, despite 'a product line that has seen few changes,' noted Consumer Reports.Inside Line says: Consumers are keeping their money under the mattress when it comes to new-vehicle purchases, with little indication that their attitude will change anytime soon. — Anita Lienert, Correspondent

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