A widening difference in the interest rates on time and savings deposits induced portfolio adjustments, thereby luring depositors to the more attractive savings deposits.
Increased income from the portfolio adjustment can restore some of their spending and, importantly, provide savings to finance a replacement for their current car.
Inertia in portfolio adjustments hurts economic growth by undermining stock-price signals, since investors are unwilling to sell off poorer-performing assets for better ones.
Except in the most dire circumstances, your cash and liquid investments should satisfy unexpected cash requirements and allow you to make tactical portfolio adjustments in reasonable timeframes.