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.