Driver Consensus: It’s Silly to Upgrade Cars Every Couple of Years

Today’s car buyers are in it for the long haul. Earlier this year, a report indicated that drivers could be expected to hang onto a new car for an average of six years after purchase, up from four years not long ago. According to a new survey, though, the vast majority of consumers say they now plan on keeping cars for 10 years or more. The average car on the road is 11 years old, the highest figure ever recorded. The results of a new survey indicate that this average will only increase down the line—and chances are, these old cars will be driven by a single owner for most, if not all of their lifespans. In the survey, sponsored by AutoMD.com—a car-repair rating site, so the subject matter is somewhat self-serving—78% of drivers say that they plan on keeping their cars for 10 or more years after purchase. The press release announcing the survey results states that “The Three Year Vehicle Purchase Cycle Is Dead,” but I don’t know if such a cycle was ever truly thriving in the mainstream. Aren’t the people who plan on driving a car for just two or three years leasing rather than buying? (MORE: 10 Things You Should Be Buying Used) In any event, besides the economic reasons to hang onto cars longer—you’ll inevitably spend more by upgrading constantly—today’s drivers are more comfortable driving cars into the ground because today’s technology allows them to do so without too many worries. In the past, it was impressive if a car made it to the 100,000-mile marker. Today, it’s assumed that any decent car can hit 100K without requiring major repairs, and reliable, well-maintained vehicles can easily be driven 200K miles or more. Roughly 6 in 10 drivers in the AutoMD survey said that their primary vehicle currently has over 100,000 miles on it, and two-thirds of those surveyed indicated that they plan on driving a car for 150,000+ miles or until it dies. When asked what’ll determine when they’ll buy a new car, more … Continue reading Driver Consensus: It’s Silly to Upgrade Cars Every Couple of Years