Polk: People continuing to keep vehicles longer
 

Filed under: Car Buying

http://www.blogcdn.com/www.autoblog....-630-getty.jpg

Consumers are keeping their automobiles for longer periods than ever before, according to a study performed by the survey gurus at R. L. Polk & Co. For anyone keeping track of such things, this news comes as little surprise - average length of ownership has been steadily increasing at an average rate of 3.7 percent annually.

Since the global economic meltdown and the devastating effect it had on the world's automakers in 2008, that average length of ownership has increased dramatically at a clip of more than 14 percent. The hard data shows that consumers are keeping their machines for 63.9 months on average, up 4.5 months from the same time last year.

Polk comes to a couple of conclusions from this data. First, the automotive aftermarket stands to benefit from older vehicles remaining on the road. Second, automakers have a big opportunity to get people buying more new cars to replace the rapidly aging vehicles currently in their driveways. Want more? Click past the break for the official press release.

[Source: R. L. Polk & Co. | Image: Justin Sullivan/Getty]Continue reading Polk: People continuing to keep vehicles longer

Polk: People continuing to keep vehicles longer originally appeared on Autoblog on Fri, 05 Nov 2010 14:32:00 EST. Please see our terms for use of feeds.



Permalink | Email this | Comments http://feedads.g.doubleclick.net/~at...aH4-tQ8-0/0/di
http://feedads.g.doubleclick.net/~at...aH4-tQ8-0/1/di

http://feeds.feedburner.com/~ff/webl...B4:wF9xT3WuBAs http://feeds.feedburner.com/~ff/webl...B4:V_sGLiPBpWU
http://feeds.feedburner.com/~r/weblo...~4/MJyHDXg-Q_g

More...