Like a Fine Wine….
As they say, things get better with age! And that now applies to your vehicle. Polk, a global marketing intelligence firm, did an analysis to find out just how long we’re keeping our new cars and trucks. The results? Just over 71 months, or nearly six years.
Interestingly enough, they also did an analysis to determine how long, on average, we’re keeping used vehicles. The results – just over four years. All of this has a direct relation to our economy, with the length of time we own our cars or trucks increasing 23 percent since the third quarter of 2008. That’s when the effects of the economic downturn really became evident.
And when you think about that, it makes perfect sense. Consumer spending naturally declines in a downturn, and people hang onto their cars or trucks longer thanks to a weak economy and high unemployment rates. Vehicle sales in the past several years have addressed that with enticing deals with longer-term financing to make payments more affordable.
There is a ray of sunshine, though. The quality of cars and trucks over the years has improved to where they are built to last longer. Many manufacturers offer longer warranties
All of this creates a larger aftermarket because demands for parts of older cars and trucks have increased. This is where your trusted technician can be very helpful since he or she has realized the domino effect of the economy and is preparing by having parts readily available.
Even with all of this, the biggest factor to having your car or truck last longer and serve you well is to be vigilant about regular maintenance. So even as we start to see a positive turn in the economy, keeping your car or truck remains more of a choice instead of a necessity. After all, a vehicle that you can rely upon is priceless.