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We’re holding onto our cars for longer than ever before, says a recent analysis from the survey experts at R. L. Polk & Co. This means that consumers are now holding onto a new vehicle for 63.9 months on average, based on second quarter 2010 data. This number is up 4.5 months from the same time last year.
With economic times being what they are, these findings should not come as a surprise to anyone. Since 2008, the length of ownership has risen each quarter at a rate of more than 14 percent. In the data gathered by Polk, since the economic and auto industry meltdown in late 2008, the average length of new vehicle ownership increased an average of 3.7 percent annually. During this time, the average length of ownership of new vehicles has increased more than 14 percent, and it shows no signs of slowing down in the near future.
“Ownership trends are something our customers watch very closely,” said Eric Papacek, Polk solutions consultant. “Armed with insightful data on these trends, aftermarket and retail customers are able to appropriately plan for levels of service work and parts that may be required based on the increased age of vehicles on the road.”
This information is valuable to the automotive aftermarket, as aging cars increase the service and parts needed. It also shows car manufacturers important opportunities in regards to targeting the consumers who hang on to older vehicles as potential for new vehicle purchases.