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Monday, July 15, 2024

American Car Owners Holding onto Vehicles Longer

A recent Polk study revealed Americans are keeping both new and used vehicles for longer periods of time. At the end of 2009 new car owners kept their vehicles for an average of 60 months, compared to around 48 months in late 2001.

Multiple factors contribute to this increase:

  1. The economy, more people out of work equal fewer new or used car buyers.
  2. Tougher financing rules and longer loan terms.
  3. Extended manufacturer warranty coverage.
  4. Improved vehicle reliability, see previous blog entry.
If you are aiming to keep your vehicle longer, the following maintenance tips will help:
  1. Keep your vehicle clean inside and out.
  2. Check tire pressure, oil and other fluids regularly.
  3. Perform required maintenance and inspections on schedule.
  4. Promptly seek a mechanic’s advice for warning lights, change in performance, or strange sounds.
A little work goes a long way toward keeping your new or used vehicle running in top condition. Please share your tips for extending the life of a car.