How long are we keeping our cars.

[CourierDriver]

Interesting data on how long we are keeping our rides.



The latest data compiled by global market intelligence firm R.L. Polk & Co has found that Americans are now holding onto their new vehicles for a record 71.4 months. On the used vehicle side, that interval has risen to 49.9 months, a figure that also represents a new high mark. Collectively, the ownership period currently stands at 57 months, up from about 38 months back in 2002.

Polk sees several main drivers behind this extended ownership trend. For openers, the continuing soft economy and high unemployment rates are impacting purchase decisions of many would-be buyers; and those who do make the move often finance the deal over a longer period of time to reduce the size of their monthly payments. The fact that improved build quality and durability of modern cars and trucks makes it less risky to hold onto a given vehicle for a longer time period also factors into the equation, especially since a number of manufacturers now offer basic warranty coverage with extended terms.

Polk believes that it will be at least 2015 before the annual sales volume in the U.S. auto industry will once again hit the 16-million level achieved prior to the current downturn. While projecting that the encouraging upward trend in new-vehicle sales will help reduce the average ownership period in the long run, Polk still foresees the turnaround process as likely to require several years. Last month, a corollary Polk research study found that the average age of the passenger car and light truck fleet in America has now reached an all-time high of 10.8 years.
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[simple_gifts]

Perhaps they should look @ the millions never purchasing a new vehicle and what the trends in that segment are.

I could take an educated guess as to how it might look...

thanks for the post.

 

[Quattro Pete]

The article you quoted is from early 2012, based on 2011 data.

By 2014, this has gone up to 93 months...

http://www.autonews.com/article/20141105...alty-study-says


My 530i is now 150 months old. I've had it for about 100 of these months. And while it does require some work now and then, I am going to continue fixing it until something really serious like transmission or engine give up.

 

[JHZR2]

When you finance your car for 84 months, or lease it and then wrap the purchase into a 60 month financing after wards, then this is what you get.

I keep my cars as long as possible - my daily driver is 24 years old, and I have cars ranging from 34 to 7 years old (and one that is 4 years old, but that's within the range of ownership from the article).

But all are owned by me and paid for in full. However, if you look at how makers market cars, it isn't to the cash buyer, so you know what they buying trends and drivers for ownership are...

 

[Olas]

I've only owned 4 cars in my life, never bought one on credit I always pay cash because I hate monthly payments.

To answer the OPs question, I keep my cars as long as possible judging by the cost of repair - if it's cheaper to fix it then I fix it. I only buy a new one when it's cheaper to buy a new one than to repair what I have.

 

[HerrStig]

I have no desire to impress the neighbors with an Impressomobile
which I rent from a bank for 72 months.

 

[aquariuscsm]

I drive mine till the wheels fall off.

 

[Boomer]

Bought my Saturn L300 in June 2003. Still have it and just turned 120,000 miles. Great car. Makes 140 months.

 

[otis24]

Owned the one Grand Caravan for 10 years. Bought a used 09 chrysler T&C van. Will be selling the 05 GC to a coworker soon to buy a used pickup. Im guessing she will get another couple of years out of it. Understanding that vehicles can easily go well past the 100k mark (184k on the GC), has kept me from trading. Will keep my vehicles until they are paid for, then drive them until the blow up.

 

[Cutehumor]

I have been driving since 1994. I have had new 94 Ford ranger totaled in 97. used 87 corolla, blown engine and junked in 2000. used 92 Mitsubishi mirage, sold in 2006. hand me down 96 sunfire, sold in 2010. hand me down 09 cobalt, daily driver.

I keep vehicles as long as possible unless my wife needs a new car and I get her hand me down. Or Car gets totaled or blown engine. I think between the two of us. we owned 8 vehicles between me and her combined.

both our 09 vibe and 09 cobalt have no car payments, we won't be buying a new vehicle anytime soon. A second child will be in daycare this july, so we won't have any extra money for a new car.

 

[cjcride]

Originally Posted By: HerrStig
I have no desire to impress the neighbors with an Impressomobile
which I rent from a bank for 72 months.

Well said.

 

[toneydoc]

For me this depends on who in my family is driving the car.
For me, I have a 1994 Jeep that I drive 3/4 of my drive time as most of the time I am local. And the other 1/4 is a 2010 Chrysler that I mainly use for road trips.

For my wife, I just traded her 07 Camry for a 14 Camry. I do not want a phone call that goes like I am in this city and the car is broken. Can you come get me, etc.

For my 23YO daughter who works as a nurse in a hospital with some late nights in Birmingham, AL, she has a 2012 Rav4 that is new and reliable. She does not need any car issues at her age and financial stage of life.

I might also add that I ride a Harley when I can and keep the cars parked. Much more exciting.

So for me, the women in my life need newer and trustworthy vehicles. Makes my life easier.

 

[AandPDan]

Originally Posted By: aquariuscsm
I drive mine till the wheels fall off.


Currently at 179 months and counting.

 

[The_Eric]

Originally Posted By: Olas

To answer the OPs question, I keep my cars as long as possible judging by the cost of repair - if it's cheaper to fix it then I fix it. I only buy a new one when it's cheaper to buy a new one than to repair what I have.


Thank you! A voice of reason. It always annoys me to hear people acting so hung up on the value or worth of a car/truck. I try and encourage people to look at cost of replacement vs. repair, not repair vs. an estimated value of their car.

If you've got the money to appropriately purchase a new or newer vehicle, fine, do so. It's your money to spend. But if you're having troubles making ends meet, you should strongly consider repairing what you have- as long as that repair will keep it sound. Naturally if the car is a true pile of junk, and you have a legitimate reason to believe that it will be a money pit, then a replacement may be a good option.

For what it's worth, we keep them till they're rotted out from rust. I buy cars for a couple hundred and fix them up and drive 'em till they're gone. This pattern will continue for us until we can afford to make a purchase of a much newer, nicer one with cash or a short 0-1% interest loan.

 

[cashmoney]

For last 25 years we typically buy 3 yo old low mile used cars, paying cash, diy most minor maint like oil/fluids, brake jobs, etc, and keep them till they are 10 years old. And we always pretend to have monthly car payments and put that in the bank. I am retiring this year so I plan to keep our latest cars (2006 and 2007 models) until they become unreliable which may be 20 years or more.

 

[aquariuscsm]

I do get car fever sometimes,and if I came across a mint 91-98 3000GT VR4,I'd grab it in a heartbeat. toneydoc mentioning his Harley made me think. I've been on the lookout for a bike myself. I've always wanted an 80's vintage Honda XL 250 or bigger. I used to have a Honda CR500 and it was so much fun!! I just want a street legal "dirt bike" to use as another daily driver.

 

[fdcg27]

Just about any car bought new and given reasonable care will give 200K and fifteen years of service.
It's been my experience that you just don't have very much trouble with most cars built since the mid eighties, or at least we haven't.
Replacing a car that has lots of life left in it is wasteful and leasing a car is silly.
It's all about how people want to spend their money, though.
I'd rather have it sitting in some investments than in the driveway.
I can retire on invested funds and I can't retire on a car, unless I plan on living in it.

 

[spackard]

Before the great recession people were turning over and fixing their cars so often that I saw almost no body damage on the cars on the road. That was very unusual as all my life I've seen a mix of new cars, used cars, and beaters. Used to be the beaters smoked a lot too, but CARB's gotten those off the roads.

I see a lot more cars with body damage nowadays. It's sliding or has slid back to normal. But, then, so too with the number of board-ups and empty lots with weeds pushing up from the cracks in the asphalt.

 

[Delta]

I'll admit I used to have a habit of wanting something different every 2-3 years. Longest I've kept a vehicle was my my 04 Nissan truck, which was only 4 years. Fast forward a couple years I realize how dumb of an idea it was. Gonna hold onto the VW and Chevy as long as I can.

 

[mclasser]

Originally Posted By: aquariuscsm
I drive mine till the wheels fall off.

+1