Global automotive sales are down, and nearly half of Americans say they are going to delay a new car purchase. Why are so many of us not buying a new car? Perhaps because there is nothing wrong with the old one.

Automotive sales in the United States alone dropped 18 percent in 2008. That is the lowest level since 1992 and the steepest decline in 29 years.

This year isn’t expected to be much better, and the trouble has spread throughout the world: CSM Worldwide, IHS Global Insight and other automotive analysts have forecast that global vehicle sales will fall anywhere between 8 percent and 13 percent in 2009.

There have been plenty of theories about why consumers abruptly stopped buying cars — and not American cars only, but all kinds of cars: poor fuel economy, lack of available financing, credit crunch and deepening recession.

However, a new survey has found that the most popular reason for not buying a new car is that there’s nothing wrong with the old one.

Consumer Reports has found that about half of the country says they’re going to delay a new car purchase. The top five reasons for holding off:

1. The existing vehicle is still in good shape (39 percent);
2. Vehicles have become too expensive (30 percent);
3. General concern for the weak economy (30 percent);
4. Waiting for fuel-saving technologies to become more affordable (18 percent); and
5. Interest rates for vehicle financing are too high (18 percent).

Among the results that suggest further challenges lay ahead for the beleaguered auto industry, 13 percent of respondents said they couldn’t get financing.

Consumer Reports’ 2009 Auto Brand Perception Survey focused on seven categories for consumers’ perceptions of brand leadership: 1) design/style; 2) performance; 3) quality; 4) environmental friendliness/green; 5) safety; 6) technology/innovation; and 7) value.

In rank order, Toyota, Honda, Ford, Cadillac and Mercedes-Benz dominated overall scores for brand perception.

“Value” — here considered by car buyers as “the most bang for their buck” — was considered a leading factor by 49 percent of the survey’s respondents.

Moreover, 21 percent of the respondents cited “quality” as a most significant factor in choosing a new vehicle, as this factor speaks to not just its initial fit-and-finish impression, but to how well the model will hold up over time.

“Given that about half of the respondents said that they have owned their current model longer than initially planned, that longevity might be more important to them than ever,” according to Consumer Reports’ findings.

However, of the seven factors in the survey, “safety” stood out as the most important to consumers when shopping for a new vehicle; it was rated No. 1 by a quarter of respondents.

“Driven by market competition and increasingly tough safety standards, automakers in general have been making improvements to vehicle structures, air bags and safety systems over time,” according to the Consumers Union publication.

“But not all cars provide comparable protection,” Consumer Reports warns.

Consumers overwhelmingly (71 percent) consider Volvo to be the leading brand in safety, followed by Ford (19 percent), Honda (18 percent), Toyota (16 percent) and Mercedes-Benz (15 Percent).

In the Institute for Highway Safety’s 2009 Top Safety Pick awards, Ford and its subsidiary Volvo had 16 winners, followed by Honda with 13 vehicles, the latter having been awarded at least one Top Safety Pick in every vehicle class in which it competed.

Over the latter half of the past year or so, we’ve seen the U.S. market for automobile sales nearly collapse and almost take the nation’s domestic auto industry with it. In these tough economic times, providing car buyers — all consumers, in fact — with the most for their money is crucial.

The bottom line, according to Consumer Reports: “While some brands earn a deserved reputation over time, others may influence their perception through design and marketing. Perception is not reality… .”

So, why aren’t you buying a new car? Do these new findings match your own experience?

Resources

Consumer Reports Car Brand Perceptions Survey
Consumer Reports, Jan. 8, 2009

Nearly Half of Americans Have Delayed Purchasing a New Car
Consumer Reports, Jan. 8, 2009

2009 Top Safety Pick Awards
Insurance Institute for Highway Safety, Nov. 25, 2008

By the Numbers – 2008: Phew! Glad That’s Over Edition
by John Neff
AutoBlog, Jan. 5, 2009

Winners and Losers – 12 Months 2008
Automotive News, January 2009

… Global Light Vehicle Sales will Rebound in 2010; Strongest Gains Will be in North America
CSM Worldwide, Jan. 12, 2009

Automakers Put on Brave Face at Tense Detroit Auto Show
Agence France Press, Jan. 12, 2009

U.S. 2009 Auto Sales Seen at 27-year Low
by Nick Carey and David Bailey
Reuters, Jan. 13, 2009

Analyst: Auto Industry Facing Extended Weak Demand
by Ken Thomas
The Associated Press / Forbes, Jan. 13, 2009