MORE THAN HALF OF AMERICANS SAY THEY WOULDN’T PURCHASE AUTO FROM COMPANY UNDER BANKRUPTCY PROTECTION, ACCORDING TO A NEW CNBC/PORTFOLIO.COM ‘WEALTH IN AMERICA’ REPORT
ENGLEWOOD CLIFFS, N.J., December 5, 2008---More than half of Americans wouldn't buy or lease an automobile if the manufacturer was under bankruptcy protection, according to the latest CNBC/Portfolio.com 'Wealth in America' Report.
The survey of 800 Americans, conducted from December 1 through December 3, reveals that 52% of Americans are unwilling to buy a car from a manufacturer that is under bankruptcy protection. Thirty-seven percent said they're willing to purchase an auto from a manufacturer under bankruptcy protection and 11% said they weren't sure. The results appear to back up the claims of automakers that filing bankruptcy would severely cripple their businesses.
The concern is widespread. The survey finds that more than half of all respondents in every demographic group measured --- including age, political affiliation, income or region of the country --- is unwilling or unsure of buying a car from a company under bankruptcy protection.
Women are among the most likely to avoid such a situation; 57% said they are unwilling to buy from an automaker in bankruptcy, compared with 46% of men. Those who live in the southern region as well as those lower income Americans are also wary, with 60% of those making less than $30,000 a year saying they are unwilling.
The results of the poll will be reported throughout the day, Friday, December 5 on CNBC by CNBC Senior Economics Reporter Steve Liesman and CNBC Automotive Reporter Phil LeBeau. Video as well as articles can be seen on CNBC.com and Portfolio.com.
The full results of the latest CNBC/Portfolio.com 'Wealth in America' survey will be released on Wednesday, December 10, beginning on CNBC's "Squawk Box" (6-9 AM ET).
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