6/16/2014 - Expected car lifespan 10 years or more
When consumers are in the market to buy a new car, it will be at least a decade before they are again, according to a new report on the average length of an automobile's lifespan.
Approximately 8 in 10 Americans said that that they anticipate owning their vehicle for 10 years or "until it dies," online automotive repair resource company AutoMD.com reported, based on its 2014 Vehicle Mileage Survey.
Brian Hafer, vice president of marketing for the Carson, Calif.-based company, indicated that to most people, using a car for as long as possible makes the most sense from a financial standpoint.
"We have been tracking the lengthening ownership cycle since 2010 and what was at first a reaction to a bad economy, has now become a new reality - with the majority holding onto cars up to and past the 100k mark," said Hafer. "The number of consumers saying that over ten years is the appropriate time to own a car has not shifted, even as the economy has improved."
Approximately two-thirds of respondents to the survey said that the main vehicle they drive currently has at least 100,000 miles on it. When the same poll was done in 2010, less than half - 47% - indicated that they had this amount of mileage, according to AutoMD.
This latest analysis largely mirrors one that was performed by IHS Automotive last summer. It found that the average age of today's passenger vehicles is approximately 11.5 years.
Length of ownership can have an effect on auto insurance rates. As a traditional rule, the longer a car is insured for, the lower premiums tend to be. However, safety experts say it's important to be aware of possible repair issues that may result, as age can adversely affect vehicle operation.
For more information on a current or new car insurance policy, talk to an independent Selective agent today.