American drivers keep their vehicles longer than ever, Polk study revealed

Article by Christian Andrei, on February 22, 2012

A new survey revealed that U.S. drivers are keeping their new automobiles to nearly six years, which is longer than ever. In the average, people are holding on to their new vehicles for 71.4 months, research firm Polk revealed citing data collected in September 2011. This is an increase of 4.7 months from March.

Both the rate of increase and the length of ownership set records for the study, which the research company first conducted in 2001. The data is a reflection of a growing reliability of new automobiles and the number of people hesitant from buying new vehicles due to the uncertainty of the economy in recent years.

The longer terms of ownership coupled with an automobile fleet already at a record-high age offer more business opportunities for automakers and their dealers, according to worldwide aftermarket practice leader Mark Seng at Polk. He explained that most of the older automobile repairs traditionally go to the independent aftermarket, but this is a chance for automakers to "get in on that as well."

Owners of used cars held on to their automobile for 49.9 months in average. This is also a record, and is an increase from the 47.5 months six months ago. The combined ownership length of automobiles in the U.S. is at a record 57 months as of September. This is an increase of 3.1 months since March, according to Polk.

The research company utilizes registration data for its study. General automobile ownership terms have leaped 23 percent since the financial crisis in the U.S. started in the third quarter of 2008, Polk revealed. In another study from Polk released in January, it has been found out that the average age of light vehicles in the U.S. had reached a record high of 10.8 years last year.

Topics: study

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
WM Motor, a new China-based automaker, recently revealed its forthcoming lineup consisting of affordable electric vehicles. While there is a company is the U.S. that has the same name, they...
by - December 8, 2016
Even when Aston Martin has been mum about the upcoming AM-RB 001 hypercar, Marek Reichman at least has something new to say. In a recent interview with Australia’s Motoring, the...
by - December 8, 2016
The people at Mercedes-Benz are rejoicing. This is simply because for the first time since 1979, Mercedes-Benz has assembled 20,000 – and still counting – examples of the Mercedes-Benz G-Class....
by - December 8, 2016
When Donkervoort Automobielen BV unveiled its Donkervoort D8 GTO-RS limited edition in May 2016, customer interest has been so overwhelming that the Lelystad, Netherlands-based carmaker sold out this one-of-a-kind vehicle...
by - December 8, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries