National Survey Shows 43% of Those Who Intend to Purchase or Lease a New Vehicle Within the Next Year Have Delayed Their Decision
The war with Iraq is one factor affecting the timing of intenders' next new vehicle acquisition
ROCHESTER, N.Y., April 1 -- A new national survey of 1,058 adults, taken just days after the war with Iraq began, reveals that among those who plan to acquire a new vehicle within the next year, many have already delayed their purchase or lease decision.
Why some who recently planned to purchase or lease a new vehicle delayed the decision
These data show that those who recently planned to acquire a new vehicle, but held off, (43% of one-year purchase/lease intenders) cite the following reasons most frequently for delaying their decision. Just over half (53%) of them attribute the delay to their personal financial situation. For just over a quarter (26%), instability of the economy was a driver in their decision not to purchase or lease a new vehicle yet. Waiting for better incentives to be offered by vehicle manufacturers was a third reason cited (29%). The threat of war with Iraq was a factor for 4% of intenders who already delayed their purchase decision.
How will the war affect future vehicle purchases?
Although the war does not appear to have been a major factor in the delay of new vehicle acquisitions prior to its onset, now that the war has begun, nearly one-fifth (17%) of intenders anticipate that it will delay timing of their purchase or lease. Nonetheless, a majority (82%) of those who intend to acquire a vehicle in the next year expect that the war with Iraq will not impact the timing of their next vehicle acquisition.
These are some of the results of a nationwide survey conducted online by Harris Interactive(R) with a sample of 1,058 adults who own and purchased or leased a new vehicle in the last four years or who said they intend to purchase or lease a new vehicle in the next year. Of this sample, 541 respondents said they intend to acquire a new vehicle in the next year and 282 said they have already delayed acquisition of a new vehicle recently. The survey was fielded between March 21 and 26, 2003.
TABLE 1
% VEHICLE INTENDERS DELAYED THEIR PURCHASE DECISION "Were you recently in the market to purchase/lease a new vehicle but held off
acquiring it for any reason?"
Base: Those who intend to purchase/lease a new vehicle within the next year
Total
%
Yes 43
No 57
TABLE 2
REASONS FOR DELAYING VEHICLE PURCHASE DECISION
"Which of the following reasons impacted your decision not to acquire a new
vehicle now?"
Base: Intenders who have already delayed their purchase/lease decision
recently
Total
%
Personal financial situation 53
Waiting for better incentives to be offered by
vehicle manufacturers 29
Instability of the economy 26
New vehicle wanted was not on the
market/not available 15
Concern about security of employment 14
Job loss 8
Threat of war with Iraq 4
Other 24
TABLE 3
ANTICIPATE WAR WITH IRAQ WILL IMPACT TIMING OF NEXT VEHICLE PURCHASE
"At this point in time, do you anticipate that the war with Iraq will impact
the timing of your next new vehicle acquisition?"
Base: Those who intend to purchase/lease a new vehicle within the next year
Total
%
Yes, I anticipate purchasing/leasing earlier than planned 2
Yes, I anticipate purchasing/leasing later than planned 17
No, I anticipate it will not have an impact on my
purchase/lease timing 82
Methodology
This survey was conducted online within the United States between March 21 and 26, 2003 among a nationwide cross section of 1,058 adults who own a vehicle and purchased/leased a new vehicle in the past four years or who plan to purchase/lease a new vehicle in the next year. Of the total sample, 51% or 541 respondents said they intend to purchase/lease a new vehicle in the next year, and of that intender sample, 43% or 282 adults already delayed acquisition of a new vehicle recently. Figures for age, sex, race, education, income and number of adults in the household were weighted where necessary to bring them into line with their actual proportions in the population. "Propensity score" weighting was also used to adjust for respondents' propensity to be online.
In theory, with probability samples of this size, one could say with 95 percent certainty that the results have a statistical precision of plus or minus 3.0 percentage points (for the total sample), plus or minus 4.3 percentage points (for the "purchase/lease intender" sample) and plus or minus 6.0 percentage points (for the "already delayed purchase/lease" sample) of what they would be if the entire population had been polled with complete accuracy. Unfortunately, there are several other possible sources of error in all polls or surveys that are probably more serious than theoretical calculations of sampling error. They include refusals to be interviewed (non-response), question wording and question order, and weighting. It is impossible to quantify the errors that may result from these factors. This online survey is not a probability sample.
These statements conform to the principles of disclosure of the National Council on Public Polls.
About Harris Interactive(R)
Harris Interactive (www.harrisinteractive.com) is a worldwide market research and consulting firm best known for The Harris Poll(R), and for pioneering the Internet method to conduct scientifically accurate market research. Headquartered in Rochester, New York, U.S.A., Harris Interactive combines proprietary methodologies and technology with expertise in predictive, custom and strategic research. The Company conducts international research through wholly owned subsidiaries-London-based HI Europe (www.hieurope.com) and Tokyo-based Harris Interactive Japan-as well as through the Harris Interactive Global Network of local market- and opinion-research firms, and various U.S. offices. EOE M/F/D/V
To become a member of the Harris Poll Online(SM) and be invited to participate in future online surveys, visit www.harrispollonline.com.