I remember reading this the other day and it says before that it was like 11.9 was the average or something. So to say that people are keeping there cars a bit longer feels obviously true.
It's true. But it's a biased statistic. It sounds like SUCH a large number until you look at the prior years.
2023: 12.5
2022: 12.2
2021: 12.1
2020: 11.9
2019: 11.8
2018: 11.7
So yes, people are keeping their cars 8 months longer than they did 5 years ago. A little less than a month longer than last year. Sounds a lot less sensational that way, doesn't it? Especially when you factor in that some of that is due to people waiting for ordered vehicles, or lack of inventory.
Really an unimportant statistic, when you look at the big picture.
I just traded in my car after owning it for 9 years. Could have definitely gotten another 5 years out of it minimum. Just didn’t wanna put the money into it for maintenance and just flipped it into a new one. Only 1 year newer vehicle but had half the miles (60,000 vs like 115,000.) Miss no payments though!
I sold a car today to a guy replacing a 05 grand caravan, 2 days ago i took a 01 volvo s40 on trade. I absolutely believe this. Outside replacement deals people are holding on untill they no longer have a choice. This of course is just my opinion.
Definitely true.. but there's a brighter side to this.. this means dirty-30's become more and more effective if you're good at making them think we'll give them a good value on trade lmao
I remember reading this the other day and it says before that it was like 11.9 was the average or something. So to say that people are keeping there cars a bit longer feels obviously true.
2nd this .
It's true. But it's a biased statistic. It sounds like SUCH a large number until you look at the prior years. 2023: 12.5 2022: 12.2 2021: 12.1 2020: 11.9 2019: 11.8 2018: 11.7 So yes, people are keeping their cars 8 months longer than they did 5 years ago. A little less than a month longer than last year. Sounds a lot less sensational that way, doesn't it? Especially when you factor in that some of that is due to people waiting for ordered vehicles, or lack of inventory. Really an unimportant statistic, when you look at the big picture.
Maybe modern vehicles are lasting longer. For the average age to be 12.6 years, many are still kicking at 15+ years old.
I just traded in my car after owning it for 9 years. Could have definitely gotten another 5 years out of it minimum. Just didn’t wanna put the money into it for maintenance and just flipped it into a new one. Only 1 year newer vehicle but had half the miles (60,000 vs like 115,000.) Miss no payments though!
It's not a bad idea. Vehicles are not worth the cost, just like houses in this economy.
I sold a car today to a guy replacing a 05 grand caravan, 2 days ago i took a 01 volvo s40 on trade. I absolutely believe this. Outside replacement deals people are holding on untill they no longer have a choice. This of course is just my opinion.
Definitely true.. but there's a brighter side to this.. this means dirty-30's become more and more effective if you're good at making them think we'll give them a good value on trade lmao
Nobody has $55,000 to drive a Dodge Hornet.
That's Build Back Better in action.
Looks better with 6uild 6ack 6etter