Americans Still Wary to Finance Cars

The American public is still hesitant to finance the purchase of a new car, Qualtrics study says.

Provo, UT, September 29, 2011 --( The American public is still hesitant to make big-ticket purchases on credit according to a new study conducted by Qualtrics Labs Inc.

“Americans appear to be limiting their car purchases due to economic concerns,” Paul Moore, Qualtrics’ lead statistical analyst, said. “Our study found 87 percent of American residents said they would not finance the purchase of a new car in this economy.”

The results are another blow for automobile manufacturers who are still recovering from the 2008-2009 recession that led to US Government bailouts of General Motors and Chrysler Corporation.

The online survey found that 67% of respondents have at least 3 of their closest friends or relatives out of work.

“We are paying off our debt as fast as we can,” one panel member said. “(We are) saving more money for emergencies, planning for worse times to come, and becoming more self sufficient.”

The survey results indicate that over 84% of Americans think the economy will not be any better next year.

The survey research shows that the economic downturn has changed how some people plan for the future.

“I plan on downsizing my house, keeping my vehicle longer, and taking fewer vacations,” one respondent said.

With this sentiment from such a large percentage of Americans, there could be even harder times ahead for the auto industry according to the study.

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