Skittish about the cost of a new or used automobile, 77.1% of members in Georgia are opting to keep their current vehicles longer.
According to a new poll from the Georgia Credit Union Affiliates, 13.2% said they plan to purchase a vehicle in 2011 and 16.4% indicated they were considering a new vehicle. New vehicle loans grew by 0.52% during the first quarter, but decreased by 4.08% over the past year in Georgia.
The GCUA’s Georgia Credit Unions’ Paying Attention report compiled recent poll responses from more than 4,000 members and aggregated data from credit unions statewide.
Meanwhile, 20.9% said they plan to spend more on travel in 2011 than in 2010, while 37.8% plan to spend less, according to the GCUA poll. The numbers also revealed that 50.8% of respondents put off travel or vacation plans in 2010, while 51.5% said they spent less on travel in 2010 than they did a year earlier.
Overall, Georgia’s members are reluctant to spend money on big ticket items, opting instead to increase their savings.
"It's no surprise that Georgia consumers are still reluctant to get out there and spend given the continued economic uncertainty,” said Mike Mercer, president/CEO of GCUA. “Consumers are still working to save as much money as they realistically can and they're making progress at reducing their debt load.”