Classics: Americans Are Holding Onto Their Old Cars - PressFrom - US
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ClassicsAmericans Are Holding Onto Their Old Cars

18:20  05 july  2019
18:20  05 july  2019 Source:   motorious.com

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Instead of getting rid of their car quickly, Americans are actually holding onto them longer than ever. A new report from IHS Markit shows that so far in Where car owners in the United States live has an effect on how long keep that old set of wheels. In the west the average age of vehicles is highest at

On average, buyers hold onto their new vehicle for 6.5 years. That compares to 2006, when new vehicles were held for an average 4.3 years. What's more, new technology and America 's need to stay connected are persuading more people to trade in their old cars and finally upgrade, Seng said.

Americans Are Holding Onto Their Old Cars© Motorious Americans Are Holding Onto Their Old Cars

People just aren’t ditching their rides like they used to.

Instead of getting rid of their car quickly, Americans are actually holding onto them longer than ever. A new report from IHS Markit shows that so far in 2019 the average age of vehicles in the United States is 11.8 years, surpassing the previous record. What’s more, the trend is supposed to keep going up past 12 years by the early part of the next decade, and we have technology to thank for that.

This means more dated cars are tooling around in cities and on country roads throughout the nation. Better build quality, which has been possible through technological improvements for manufacturing, has resulted in people thinking twice before kicking their ride to the curb. Cars just plain last longer than they did before.

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This might not be good news for car dealers: Americans appear to be keeping their cars longer than ever. Not surprisingly, households with lower incomes are more likely to have older cars , but that gap has closed since 2009. The study found that higher income households are holding onto their

Given the recent recession and relatively high unemployment figures, it's no surprise that car owners are holding on to their vehicles for a long time. However, Polk says there's a good reason for the aging of the American auto population: weak How old is your ride? Are you ready to give it up yet?

There’s another factor causing people to hold onto their rides for more time than before. With longer loans becoming almost common, including payment terms of up to seven years, people keep driving their ride for a longer period than before. That’s because they want to drive a payment-free vehicle as a way to save money.

Where car owners in the United States live has an effect on how long keep that old set of wheels. In the west the average age of vehicles is highest at 12.4 years. Montana leads all other states at 16.6 years for the average car.

If you live in the northeast part of the country, you’re more likely to ditch your car earlier. The average vehicle there is just 10.9 years old, while Vermont is at the bottom end for all states at 9.9 years average.

What Happens to Your Car When You Trade It In

What Happens to Your Car When You Trade It In When you trade in your old car for a brand new model, one of three things can happen.

New cars are overrated, as most of us who buy cars from questionable people and mutants online know. Another reason is one that we ’ re all familiar with: Original owners are keeping their cars longer and maintaining them better, because those terribly long financing periods require it.

Americans are holding onto cars longer, according to federal study This might not be good news for car dealers: Americans appear to be keeping their cars longer than ever. The results of a study released Tuesday by the Federal Highway Administration indicate that the average vehicle age has

This trend means some of the preservation and restoration techniques used in the collector car niche could become more mainstream. Drivers who want to keep using their aging ride could be searching for ways to refresh everything from exterior plastic trim to the headliner and upholstery.

Another area of growth will be the aftermarket parts market. Both manufacturers and sellers of components, as well as shops that offer to install them, should see an increase in business.

Source: IHS Markit

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