Thursday, February 23, 2012
Americans Holding onto their Rides Longer
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.