If you are one of the millions of American drivers holding onto your car versus getting a newer model, and you are doing so for longer than you ever have, you are most likely making a smart financial move, not to mention giving the auto parts and repair industry a boost.
Fifty-nine percent of consumers purchasing auto products or car repair services reported that the purchase was for a car that was between 8 and 14 years old, while 19 percent indicated their purchase was for a car 15 years old or older, according to the Car Care Track study by The NPD Group, a market research company. This is a significant increase over 2007, when only 51 percent of consumers reported owning cars 8-14 years old and just 14 percent indicated their cars were 15 years old or older.
This shift indicates that consumers are more willing to repair their older cars versus replace them, which is typically the better choice financially because ownership costs, such as car insurance, are cheaper for older cars. But be sure you are paying a fair price for the car repair.
Tara Baukus Mello writes the cars blog as well as the weekly Driving for Dollars column, providing both practical financial advice for consumers as well as insight into the latest developments in the automotive world. Follow her on Facebook here or on Twitter @SheDrives.