A majority of consumers in the North American market currently feel that buying a car is not the best move right now. A February 2023 survey by the analytics group Romir found that 82% of respondents shared this view, a figure that stood at 80% a year earlier in October 2022. The sentiment persists as buyers weigh high prices, loan costs, and market volatility before making a purchase decision in the U.S. and Canada.
From the same survey, 65% expect prices for new cars to rise in the near term. Yet the share anticipating price growth has declined to its lowest point in about a year and a half, suggesting that some buyers are hoping for stabilization even as the typical belief about rising costs remains intact. About 59% anticipate higher interest rates on auto loans, signaling tighter financing conditions that could influence how many buyers proceed with purchases or leases in the months ahead.
It is worth noting that a portion of the population remains cautious about selling existing vehicles. In the survey, 69% considered it unprofitable to sell now, compared with 56% the previous year. At the same time, many buyers report a shrinking selection of new models, with 61% noting limited options. Interestingly, 18% believe the market has improved in terms of vehicle availability and variety. These mixed signals reflect the ongoing tension between inventory constraints, pricing pressures, and consumer expectations in North America.
Despite parallel imports and broader supply chain complexities that affect availability, experts say that the shortage continues to constrain choices and keep prices elevated for many car buyers. Nevertheless, consumers are gradually adapting to the new normal, with some tolerance for higher costs and a narrower range of models as shopping habits evolve. The overall mood remains cautious but pragmatic as buyers weigh value, financing terms, and the long term cost of ownership in shaping their decisions.
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Attribution: Romir survey data shared for context in the North American market. The figures reflect attitudes observed during the specified period and are cited here to illustrate buyer sentiment and market dynamics.