How is this a bad thing?
Automotive data provider Polk says that the average new car buyer is now holding on to his vehicle for a whopping 71 months – almost six years. Used vehicles are being held for over four years, almost 50 months, according to the new study.
Polk based its findings on vehicle registration data through September 2011, concluding that longer warranties, better reliability, and of course, a miserable economy, have contributed to the shift. By comparison, just five years ago Polk showed new car buyers swapping out after just 53 months – a year and a half earlier.
This merely proves rational-decision making.
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