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.
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