Most people waiting up to 10 years to buy a new car

People aren't going to buy cars every two or three years anymore, an automotive website says based on an unscientific poll it conducted online. Now, 78% of the more than 4,000 people polled by AutoMD.com says they will keep their cars at least 10 years.

"What is most compelling is that longer ownership has become an embedded habit for car owners, regardless of what the economy does," said Brian Hafer, a vice president at AutoMD.com. "This significant lengthening of the ownership cycle looks like it is here to stay."

Well, cars are better than yesterday. They don't rust out anymore, and with proper care and more global warming we have no doubt they can survive at least a decade. Read more >>

GM Sales Nosedive - volumes nearly halved

Source: Market Watch

In the first month after the end of the "cash-for-clunkers" program, automakers on Thursday are reporting virtually across-the-board sales declines with Chrysler and General Motors seeing volumes nearly halved. General Motors sold some 156,673 vehicles in September, a slump of 45% with retail sales off 46% and fleet sales dropping 43%. Car sales were down 43% and total truck sales -- light and heavy -- plummeted 47%.

On a percentage basis, Cadillac saw the smallest dip, down 9% to 11,339 vehicles, with the largest decline in the soon-to-be-wound-down Saturn division, which posted a 84% drop in sales to 2,993 units. GM's best-selling Chevrolet division posted a 41% decline for the month to 102,538 vehicles.

"September was a tough transitional month for the industry, and a difficult year-over-year comparison for GM," said Mark LaNeve, vice president of U.S. sales, in the report. "Fortunately, the fourth quarter looks brighter and our year-over-year comparisons should look more favorable."