Kelley Blue Book reports that many drivers are planning to purchase a vehicle in the next three months, with 62 percent of those surveyed indicating that they plan to buy a car by year's end. Most drivers said that they had put off their purchase in order to take advantage of year-end sales events.
With automakers looking to move models off their lots and drivers hoping to buy, it appears the auto industry is in for a strong fourth quarter. Many of those surveyed have already paid a visit to a dealership, but didn't pull the trigger for one of several reasons: not being able to find a specific model (42 percent), a general lack of options (40 percent) and pricing issues (28 percent) were commonly cited.
However, with Japanese automakers' inventories slowly recovering from the earthquake and prices expected to come down, it appears that there will be many cars sold over the next few months.
"Consumers seem to know what they want... it is just a matter of finding it in the current marketplace," said Camryn Craig, research analyst for KBB. "Inventory levels improved in September and are expected to continue improving through the end of the year."
For those who don't plan on purchasing in the near future, keeping the current vehicle in shape will be a top priority. Drivers should ensure that they don't skimp on vehicle inspections or tune-ups, as a breakdown could force them to visit the dealership earlier than they'd like to.