Tuesday, October 23, 2012
Americans buying fewer new cars over a lifetime
Chalk another one up for the recession and how it has altered life in America. New analysis by the automotive research firm Polk shows Americans can now expect to buy fewer new cars during their lifetime. On average, we’ll buy almost four fewer new cars by the time each of us hits 76 years old, the age when Polk believes most people are done buying new vehicles.
“The days when you bought a vehicle for 4 or 5 years are likely over,” said Anthony Pratt, Polk director of forecasting.
We’ve talked for some time about Americans holding on to their new cars longer and the reasons have been well-documented. Cars last longer, and as their prices have gone up, people are less inclined to take on a monthly payment. Since the recession they have stretched out the length of time to pay off a new loan. In other words, people now expect to be in their car six, seven or eight years after they buy it. Read more >>