People are holding onto their vehicles longer than ever with the dip in the economy a good part of the reason. According to the Polk research firm, the average age of cars and trucks on the road in the US is 10.8 years old, still pretty high from a record high of 11.1 years the year prior.
While the economy is a factor, one can also take into consideration that the reliability of cars has and continues to go up. Then again, that all depends on who you talk to as we all have our own preference and opinions.
Via USA Today:
“But Polk Vice President Mark Seng says a rebound in sales last year and expected growth the next couple of years is likely to slow the aging trend. Polk has not predicted if or when the age will start to drop, but Seng doesn’t see that happening for two or three years, if not longer.”
“It’s going to take the good economy several years of very high sales again, and people being willing to let go of those older vehicles that they’ve been holding onto,” Seng said.”
Fortunately, auto sales continue to rise after reaching a 30 year low of 10.4 Million in 2009. Polk expects sales to rise about 1 Million per year through 2015.
“The aging of the American auto fleet has been a boon to repair shops and companies that sell replacement auto parts, and Seng expects that to continue. He says people can hang onto their cars longer because automakers are making them far better than they did in 1995, the first year that Polk began tracking the average age.”
Do you drive an older car?