Buyers holding onto new cars for nearly six years - longer than ever before
02-21-12, 04:37 PM
#1
Buyers holding onto new cars for nearly six years - longer than ever before
Buyers holding onto new cars for nearly six years - longer than ever before
If you're still driving that 2006 Ford Fusion you bought new, apparently you are not alone. Automotive data provider Polk says that the average new car buyer is now holding on to his vehicle for a whopping 71 months – almost six years. Used vehicles are being held for over four years, almost 50 months, according to the new study.
Polk based its findings on vehicle registration data through September 2011, concluding that longer warranties, better reliability, and of course, a miserable economy, have contributed to the shift. By comparison, just five years ago Polk showed new car buyers swapping out after just 53 months – a year and a half earlier.
This latest study reflects what we heard from Polk last month, that the average age of vehicles on the road has hit a record high. We might even see consumers further stretch this number, as Polk's analysts are not forecasting a return to the magic 16-million-units sales level until 2015. For the carmakers this represents more than just a simple make-your-numbers sales challenge, says Polk, because the longer people keep their vehicles the less brand loyal they become.
http://www.autoblog.com/2012/02/21/b...s-longer-than/
02-21-12, 09:30 PM
#3
Lexus Fanatic
iTrader: (20)
i wouldn't be surprised if i keep my explorer for 10 years (4 more).
02-21-12, 10:53 PM
#6
Lexus Test Driver
Times are different now. Luxuries of the past are more limited. I feel sorry for today's youth generation. Thay aint got jack squat to look forward to.
02-22-12, 10:12 AM
#7
Lexus Fanatic
I've got almost 7 years on my Outback...and had almost 5 on my Lexus IS300 before that. I think it may be time for some new wheels of my own this year.
One of the things, though, that is keeping a number of people from trading-in (the article doesn't mention this) is simply the styling and design of many new cars. I've gone car-shopping with a number of people that just don't take to today's space-ship body/interior styling, stiffer, sport-oriented suspension/tires, firmer rides, and lack of features on newer cars that they used to take for granted, like body-side mouldings, temporary-spare tires/Fix-a-Flat bottles, etc..... They go out and look , and end up keeping what they got (as long as it is running) because the older designs just suit them better. I know several potential Lincoln buyers, for example, that, after the company dropped the Town Car, won't even consider an MKS or any other Lincoln product.
One of the things, though, that is keeping a number of people from trading-in (the article doesn't mention this) is simply the styling and design of many new cars. I've gone car-shopping with a number of people that just don't take to today's space-ship body/interior styling, stiffer, sport-oriented suspension/tires, firmer rides, and lack of features on newer cars that they used to take for granted, like body-side mouldings, temporary-spare tires/Fix-a-Flat bottles, etc..... They go out and look , and end up keeping what they got (as long as it is running) because the older designs just suit them better. I know several potential Lincoln buyers, for example, that, after the company dropped the Town Car, won't even consider an MKS or any other Lincoln product.
Last edited by mmarshall; 02-22-12 at 10:20 AM.
