As seen in the chart below, there has been a consistent growth in
the number of consumers who say they plan to hold on to their current
vehicles for 10 years or more, with more than half planning to do so in
2009.
A number of factors are likely contributing to this trend, including
the slow turnaround of the U.S. economy and jobless rates. As
financially strapped Americans struggle to make ends meet only basic
maintenance needs are being met to keep current vehicles running in
lieu of buying new cars. Rising gas prices over the past few years also
inspired motorists to rethink their motor vehicle habits – both in
terms of miles driven and maintaining a current vehicle vs buying new.
For more information on IMR and its research capabilities, visit www.AutomotiveResearch.com or call Bill Thompson at 800-654-1079.
