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Americans have no plans to replace their cars every few years, even if the economy is fine, according to a survey by AutoMD.com, a free auto repair website owned by US Auto Parts Network.
Just three percent of the more than 4,000 car owners surveyed said they plan to replace their car every three to five years, and just four percent pegged buying a replacement at six to seven years. A whopping 78 percent of those surveyed said that they would keep their car "more than 10 years or until it dies," while the remaining 15 percent of owners said they'd replace their cars every eight to 10 years.
While numerous studies have shown that Americans are holding onto their cars longer than ever before, AutoMD.com notes that this survey shows the trend to keep cars longer is growing, even though the economy is improving. More than half of those surveyed said an improving economy would not encourage them to buy a new car sooner, while 80 percent of all of those surveyed said they plan to drive their cars for more than 100,000 miles. The top reasons why were:
- Economy -- 47 percent.
- Vigilant repair/service -- 44 percent.
- Cost Savings -- 37 percent.
- DIY-ing -- 28 percent.
- Better-built cars -- 19 percent.
Keeping your car beyond the length of your auto loan means you can save money by not having a monthly car payment, plus car insurance gets cheaper as a car gets older.
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.
I can remember when a basic new car or pickup truck cost about one third of my annual wages. Even then I would drive it for at least five or six years. Now a new car costs half my yearly wages or more for something bigger than a shoe box and forget about a pickup truck. I keep my vehicles as long as I can
we have a 1999 ford expedition with 300,000 miles never had a problem with it and i would never part with it, it is one of best vehicle i ever owned. my hats of to ford for this year and model
I have a 2000 VW Bug with 282,000 miles on it. Have put some money into repairs over the years, but it still is a lot less than buying a new car. Like most cars with that many miles, it has a few quirks, but it runs well. As long as it doesn't start nickle and diming me on a regular basis, it will have a home. There is a lot to be said for not making payments.
I have a 1998 Ford Explorer with 140,000 miles on it. It runs well, everything on it works, and I really don't want to part with the car because it is a pleasure to drive. I've suffered two or three road failures with the car, but compared to car payments, I'm still ahead.
i have buick park avenue ultra, with 117,000 miles on it.
i sure am keeping it. just got her tuned up this week with
irdium plugs. plus being supercharged, she is one fast and
smooth machine. and she is one sharp looking car. a definate
keeper until she dies!
Most car sales are allways a nightmare. If dealers were more up front and receptive not deceptive, They would sell more product.We have 3 cars all newer, but it's a battle when you ink the deal. I've been a car nut for 30 years and it's never changed. My oldest is a 07 silverado. at 120k it's still in new condition with no issues. I'll bury it some day ...maybe?
I have a 2000 Toyota 4-Runner with 242,000 miles. She runs like a champ and has only had routine maintenance, new tires every few years, 2 timing belts (sue for another soon), a few brake jobs, and a starter. I love not having car payments and plan to keep her for a long time! I would so recommend a 4-Runner to anyone looking for a long term vehicle.
@WM Kozak - I personally do not see that as a disadvantage. Depending on how much you drive a car, you can drive right out of some warranties in no time at all and then you have to pay either way. I had a 10 year old Pontiac Grand AM with over 150,000 mile on it. Still ran good, used a little oil but not all that much and in the course of those 10 years, the only repair other than the normal stuff like brakes, new tires, oil changes, etc, was a fuel injector rack. It developed a leak and you could smell the gas. Repair cost - $214. That is WAY lower than a new car payment or even a 2 year old used car. My truck is 9 years old now and I just put on a new set of tires. I have 135K on it and will probably surpass 200k or more. When I consider the cost of replacing it, I can put a new engine in this on first and keep right on trucking.
I love my Honda Oddessy. It is the best car I have ever owned. At 145,000 miles, it still drives like new. I had a bit of new car fever for a few months, but there is nothing out there that looks good. All the cars are shaped like bugs and the prices are ridiculous. We put new tires on last month and have decided to keep this car going as long as possible.
I have a 1996 Ford Contour, it has 81000 mi.& drives like a dream, outside of tire & brake replacements I have not had any repairs. I hope it will last me many more years for a replacement is out of the question, no money.