Americans keeping their cars longer


A bunch of new surveys help explain how the Great Recession is affecting car-buying behavior: Americans are now keeping their vehicles longer to save money.

Here’s what an AutoPacific study found:

An annual survey of new vehicle buyers shows a significant increase in the number of people planning to hold onto their cars and trucks. In 2005, just over 46 percent of new car acquirers indicated they would not be shopping for a new vehicle for four years or more; in the just completed survey that number has risen to about 59 percent – an increase of almost 13 percent. At the same time, the number of people intending to replace their vehicle within the next 2 years has fallen.

“Rapid replacers,” people who get a new car every one or two years or less, are apparently on the decline.

An ExxonMobile study found 40 percent of survey participants want to keep their vehicles for 150,000 miles or more. Keeping a car longer involves a different maintenance strategy, however.

The result? A boom in the auto repair business.

To keep your vehicle in better condition, be sure to make scheduled maintenance trips, and don’t be shy about getting under the hood once a while – just to see how things are running first-hand.

0 Responses to “Americans keeping their cars longer”

  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

American 1 Federal Credit Union

%d bloggers like this: