2008-08-04 23:57:09 -
- For Maaco Collision Repair & Auto Painting Bill Silverman, 610-265-6606 Manager of Corporate Communications Many say that today's economy is like the perfect storm - skyrocketing fuel prices, unemployment on the rise, groceries becoming more expensive. You name it; it seems as though everything is hiking in costs. And, the effects of the economy's plagues are definitely having an
impact on the automobile industry, says David Lapps, president of Maaco Collision Repair & Auto Painting, who added that people are repairing old vehicles instead of purchasing new ones to save on money.
"Consumers are changing their buying habits. It's making more financial sense for some of them to repair older vehicles instead of purchasing new ones where they would have to worry about expensive monthly car payments and of course the increased gas prices," Lapps said. "Many people have felt the effects of the economic downturn for the past several months and they are making changes in their buying choices so that they can hold on to more of their money. When they compare the costs of buying a new car and repairing an old one - they see a big difference."
In a recent Associated Press article, experts discussed how the status of the current economy has changed the shopping habits of Americans. The article noted how experts see that the "the new behavior - fueled by higher gas and food prices, tightening credit and a slumping housing market - is the most dramatic and widespread that they have seen since the mid-1970s." The report later references a study conducted by market research company Nielsen Co. that showed two-thirds of consumers are cutting spending because of the rise in gas prices, an increase of 18 points since last year.
According to Lapps, Maaco has close to 500 locations that provide auto painting and body repair services for over 12,000 vehicles a week, 700,000 a year, more than any other company in North America.
For more information, please visit www.maaco.com.
Maaco Collision Repair & Auto Painting discusses how the economic
downturn has drivers repairing old vehicles instead of buying new ones
