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Economic Repercussions of Japan Tragedy Will Be Felt In New Jersey

Apr 08, 2011

The devastation wrought by the March earthquake and tsunami that continues to impact Japan will soon result in economic repercussions for New Jersey automotive consumers. In the aftermath of the natural disaster, virtually all Japanese auto manufacturing was put on hold while citizens and businesses alike assessed the damage, regrouped and made plans to rebuild. In addition to vehicle manufacturing, the manufacturing of needed parts for many makes and models of vehicles has also been interrupted. While there continue to be more questions than answers, it is clear that vehicle supply will be affected by the tragedy in Japan. How much of an impact the interruption will have and which makes and models will be most affected are uncertain. As the U.S. economy has continued to rebound over the past year, demand for new vehicles has also increased. The combination of growing vehicle demand and an impending reduction in supply will more than likely result in higher prices for many new vehicles. NJ CAR has encouraged consumers thinking about buying a new car or truck this spring to head out to their neighborhood new car or truck dealer now, before prices begin to go up and selection goes down. NJ CAR continues to join with many other automotive associations in urging its members, their employees and consumers to support the Japan Earthquake and Pacific Tsunami Fund of the American Red Cross. For more information, or to make an online donation, go to