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Most New-Car Shoppers Say 'Cash-for-Clunkers' Would Not Affect Purchase Timeframe

Posted on: Tuesday, 19 May 2009, 04:00 CDT

Kbb.com Market Intelligence Survey of New-Car Shoppers Details Awareness, Interest in 'Cash-for-Clunkers'

IRVINE, Calif., May 19 /PRNewswire/ -- Kelley Blue Book, www.kbb.com, the leading provider of new car and used car information, today announces the results of the latest Kelley Blue Book Market Intelligence survey of in-market new-car shoppers on kbb.com, detailing consumers' opinions on the 'cash-for-clunkers' proposal.

When provided specifics about the 'cash-for-clunkers' bill as it is currently proposed, 38 percent of in-market new-car shoppers said it would have no effect on their purchase timeframe because they do not have a vehicle to turn in that meets the parameters of the program. However, 13 percent of consumers say they would be highly motivated to purchase a new vehicle sooner due to 'cash-for-clunkers,' and an additional 26 percent want to learn more about the program, even if it would not affect their vehicle purchase timing.

"The latest Kelley Blue Book Market Intelligence data is quite telling, showing that most consumers will not change their purchase timeframe if a 'cash-for-clunkers,' bill passes, largely because their trade-in does not meet the program's requirements," said Jack R. Nerad, executive editorial director and executive market analyst for Kelley Blue Book and kbb.com. "But since more than 10 percent say the program will motivate them to buy a new car sooner, it may result in an increase in new-car sales, and that could do nothing but help an industry in need of some upward impetus."

In addition, the Kelley Blue Book survey found only 36 percent of in-market new-car shoppers were aware of the 'cash-for-clunkers' proposal. Of those aware of the bill, 77 percent understood the current terms, namely that the government will provide between $2,000 and $4,500 vouchers to people who will swap out their older model vehicles with poor gas mileage for new, more fuel-efficient models.

This Kelley Blue Book Market Intelligence study was fielded to 725 in-market new-car shoppers on Kelley Blue Book's kbb.com from May 11-18, 2009. Kelley Blue Book Market Intelligence will continue to track this data in the coming weeks.

About Kelley Blue Book (www.kbb.com)

Since 1926, Kelley Blue Book, The Trusted Resource(R), has provided vehicle buyers and sellers with the new and used vehicle information they need to accomplish their goals with confidence. The company's top-rated Web site, www.kbb.com, provides the most up-to-date pricing and values, including the New Car Blue Book(R) Value, which reveals what people actually are paying for new cars. The company also reports vehicle pricing and values via products and services, including software products and the famous Blue Book(R) Official Guide. According to the C.A. Walker Research Solutions, Inc. - 2008 Spring Automotive Web Site Usefulness Study, kbb.com is the most useful automotive information Web site among new and used vehicle shoppers, and half of online vehicle shoppers visit kbb.com. Kbb.com is a leading provider of new car prices, car reviews and news, used car blue book values, auto classifieds and car dealer locations. No other medium reaches more in-market vehicle shoppers than kbb.com.

SOURCE Kelley Blue Book

Source: PR Newswire

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