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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.
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