8/16/2012 - Car owners not letting go of their cars easily
Even if the economy was not so sluggish, more Americans say they are foregoing the idea of purchasing a new vehicle every other year and holding on to their current cars for a longer period.
According to a recent survey conducted by AutoMD.com, 78% of respondents said that 10 years or more is an appropriate amount of time in which to own a vehicle. Furthermore, the practice of holding on to their vehicle until it is no longer operable would likely continue if the economy were in a better state.
Brian Hafer, vice president of marketing at AutoMD.com, said the two- to three-year vehicle purchasing cycle is a thing of the past. Another top reason for why individuals are choosing to keep their cars longer includes cost savings, such as on auto insurance
"What is most compelling is that longer ownership has become an embedded habit for car owners, regardless of what the economy does," said Hafer. "This significant lengthening of the ownership cycle looks like it is here to stay, and it's being supported by better made vehicles on the road, more choices for - and information online about - repairing those vehicles, and a more scrupulous focus on service and maintenance."