Thursday, February 23, 2012

Americans Holding onto their Rides Longer

Americans are keeping new and used vehicles longer because of better quality, concern about debt and economic uncertainty, according to a report released Tuesday, Feb. 21, 2012, by the Southfield research firm R.L. Polk.
New car owners in the U.S. are keeping their rides longer than they have in years, according to a recent report.
R.L. Polk conducted a survey in which it found consumer are holding onto cars for an average of 71.4 months, or almost six years, the longest period recorded since the survey began in 2003.
Used vehicles are being held onto for longer as well, with Polk finding an average of 49.9 months.
The survey said a number of factors are involved, including tepid consumer spending amid a still wobbly economy, longer-term auto loans and the increased quality of the cars made today.

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