According to consulting firm IHS Automotive, the average vehicle on the US motorways is 11.5 years old – a new record – and even as the auto market sees booming sales of new vehicles each month, the number keeps growing.
There’s a sound reasoning behind all of this. According to a recent report from BusinessJournalism.org, the average owner will keep its vehicle for six and a half years, while the average used car owner will hold on to his vehicle for another half a decade – no matter how old that auto was when it was acquired. The reasons for this trend are as follows. First off – quality. Years ago the cars and trucks were not as good as they are now and bettering quality means less owner changes in time. When planning to purchase a new or used vehicle, make sure that you check initial vehicle quality studies and reports, as well as those concerning the long-term quality measurements. Secondly, with new vehicle prices jumping to new records month after month, the US consumers are resorting to longer loans. This directly correlates to the surge in loans financed for six or seven years – meaning the owner will hold on to them at least for that period.
Then there’s a paradox. While studies and researches showcase how new car buyers want the latest high tech features, with automakers keeping customers happy with connected vehicles that make ample use of the owner’s mobile devices. But there are also numerous drivers who complained about those infotainment systems – they are hard to use and prone to numerous glitches and malfunctions (and to hacks, it seems). And lastly, the generation changeover comes with shifting priorities – families have downsized their car fleet to reflect changing lifestyles. And public transportation has been posting new records lately, while people also embrace car-sharing or sportier means of transportation – such as running or using a bicycle.