When the recession first hit at the end of 2008, the economic crash was met with reduced spending in the automotive industry. People were holding on to their vehicles longer and putting off maintenance to save money. Now that the U.S. economy is steadily improving, more drivers are heading to dealers to trade in their cars and sales are returning to pre-recession levels. In fact, automotive experts have increased their predictions several times after positive sales at the end of 2011 and in the first few months of this year from just below 14 million units to more than 15 million cars.
While vehicle sales are returning to pre-recession levels, car buyers are approaching the task from a different angle. A recent study by Foresight Research found that buyers are more influenced now by practical information such as discounts, fuel economy and vehicle reviews. In the past, buyers may have been swayed by marketing tactics that appealed to their emotions, including style, whether a car is fun to drive and luxury features.
"The auto industry continues its recovery," said Steve Bruyn, the CEO of Foresight Research. "After historic lows in 2009, U.S. light vehicle sales stabilized in 2010 and improved toward the end of 2011. Our sample of 2010 to 2011 buyers represents a unique viewpoint into the behaviors and influences as the auto industry recovers from the worst economic period since the Great Depression."
The survey reveals more consumers are being practical about their purchases, which may indicate consumer confidence in the economy has not fully been restored.
Whether searching for an economical vehicle or something a bit more sporty, drivers should head to New Jersey State Auto Auction. With a wide variety of used makes and models, consumers are sure to find the perfect car to suit their budget and their desires.