Survey: Owners Hanging On To Cars Longer [AUDIO]
A website survey says car owners have been opting in recent years to keep their vehicles a lot longer.
AutoMD.com heard from four-thousand people about how long they hang on to their vehicle. They say almost four out of five told them they will keep it for up to ten years. 78% of the more than 4,000 people polled by AutoMD.com says they will keep their cars at least 10 years.
Spokeswoman Tracey Virtue says it began with the economic downturn and the need to keep a car longer, but many drivers now make it a habit.
The website says, "When the economy improves, we're not convinced the siren call of the local car dealer will be more than many motorists can resist."
Virtue adds this longer ownership has altered car-buying decisions. Virtue says practicality is making a much bigger impact on people's decision about which car they choose. She also points out that car quality also keeps getting better. They don't rust out anymore and are better able to run for at least a decade.
- Over 10 years - 78%
- 8 - 10 years - 15%
- 6 - 7 years - 4%
- 3 - 5 years - 3%