People are keeping cars and trucks longer as quality improves
According to automotive consulting firm R.L. Polk & Co., people are starting to keep their cars and trucks longer as quality improves and the unstable economy makes new purchases less appealing.
The consulting firm said the median age of cars on the roads was 9.2 years in 2007. 41.3 percent of all cars were 11 years or older as compared with 40.9 percent in 2006. The median age for trucks and SUVs rose from 4 percent to 7.1.
New cars purchases fell 3 percent in 2007 due to many factors including high gas prices and the housing crisis. Dave Goebel, a consultant at Polk, said that there are more vehicles per household than in the past due to increasing durability.
“Each new model year the technology continues to get better, and there are fewer components that fail, so we expect to see these trends continue,” Goebel said.
Source: Detroit News
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