Buying New, but not as Often

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NBC News - October 22, 2012

Amer­i­cans buy­ing few­er new cars over a life­time,  research sug­gests. “The days when you bought a vehi­cle for 4 or 5 years are like­ly over,” said Antho­ny Pratt, Polk direc­tor of fore­cast­ing.

How have things changed due to reces­sion?

On aver­age, we’ll buy almost four few­er new cars by the time each of us hits 76 years old, the age when Polk believes most peo­ple are done buy­ing new vehi­cles.

“We’ve talked for some time about Amer­i­cans hold­ing on to their new cars longer and the rea­sons have been well-doc­u­ment­ed. Cars last longer, and as their prices have gone up, peo­ple are less inclined to take on a month­ly pay­ment. Since the reces­sion they have stretched out the length of time to pay off a new loan. In oth­er words, peo­ple now expect to be in their car six, sev­en or eight years after they buy it,” says Pratt.

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