Consumer vehicle spending decisions are being steered by the heavy hand of the economy and gas prices.
Although the recession has subsided, consumers are still feeling the effects of less discretional spending money and fewer jobs. Whether these continuing challenges will subside in the future is anyone's guess, and the public is handling the unknown with caution.
Sixty percent of those surveyed in the 15th annual Aftermarket Business World Consumer Attitude Study reported that the economy has made it more likely that they will keep their present vehicle, while almost one-fourth reported they are looking to find a more economical vehicle to drive.
New car sales are not on the horizon for 75 percent of consumer who indicated they have no plans to buy or lease a vehicle this year. But of those who are looking, the majority are seeking a conventional combustion engine with 6 or more cylinders, rather than a hybrid, multi-fuel or 4-cylinder conventional combustion engine, despite rising gas costs.
Respondents are holding steady on their miles driven, with just under half reporting that if there are no big upward swings in gas prices, they will continue to drive the same amount of miles. But with the national gas price average hovering near $3.89 per gallon, according to AAA at the end of April, it is very close to the level — $4 or more — where 37 percent of consumers report they will begin to reduce their miles driven.
Consumer respondents to the study were almost equally split in gender, with a 52-percent male to 48-percent female split. Most commonly ranging in age between 35 and 64, less than one-fourth of those surveyed either fell below the age of 25 of above 65 years old, according to the results. The Southeast was the most represented geographical region, with 32 percent of respondents, followed by the Midwest with 26 percent and the Southwest with 23 percent.
The majority of respondents' incomes fell either between $30,000 and $39,999 or between $90,000 and $99,999.
View the complete Consumer Attitude Study results here.
Methodology: The 15th annual Aftermarket Business World Consumer Attitude Study was sent to 41,596 consumers are returned 1,383 responses, for a response rate of 3.3 percent. The survey results have a ±2.1 percent margin of error at the 95 percent confidence level.
Consumer vehicle spending decisions are being steered by the heavy hand of the economy and gas prices.
Although the recession has subsided, consumers are still feeling the effects of less discretional spending money and fewer jobs. Whether these continuing challenges will subside in the future is anyone's guess, and the public is handling the unknown with caution.
Sixty percent of those surveyed in the 15th annual Aftermarket Business World Consumer Attitude Study reported that the economy has made it more likely that they will keep their present vehicle, while almost one-fourth reported they are looking to find a more economical vehicle to drive.
New car sales are not on the horizon for 75 percent of consumer who indicated they have no plans to buy or lease a vehicle this year. But of those who are looking, the majority are seeking a conventional combustion engine with 6 or more cylinders, rather than a hybrid, multi-fuel or 4-cylinder conventional combustion engine, despite rising gas costs.
Respondents are holding steady on their miles driven, with just under half reporting that if there are no big upward swings in gas prices, they will continue to drive the same amount of miles. But with the national gas price average hovering near $3.89 per gallon, according to AAA at the end of April, it is very close to the level — $4 or more — where 37 percent of consumers report they will begin to reduce their miles driven.
Consumer respondents to the study were almost equally split in gender, with a 52-percent male to 48-percent female split. Most commonly ranging in age between 35 and 64, less than one-fourth of those surveyed either fell below the age of 25 of above 65 years old, according to the results. The Southeast was the most represented geographical region, with 32 percent of respondents, followed by the Midwest with 26 percent and the Southwest with 23 percent.
The majority of respondents' incomes fell either between $30,000 and $39,999 or between $90,000 and $99,999.
View the complete Consumer Attitude Study results here.
Methodology: The 15th annual Aftermarket Business World Consumer Attitude Study was sent to 41,596 consumers are returned 1,383 responses, for a response rate of 3.3 percent. The survey results have a ±2.1 percent margin of error at the 95 percent confidence level.
