A recent study of nearly 4,000 cars by AutoMD.com showed that the overwhelming majority of drivers plan to keep turning the ignition on their current vehicle for 10 years or longer.
According to the survey, 78 percent of respondents said they planned to keep their car for ten years or more, or until it dies. It also showed that 60 percent of drivers said their primary vehicle has more than 100,000 miles on the odometer and nearly 66 percent of drivers plan to keep the car after it has surpassed the 150,000 miles mark.
“There is nothing surprising about the economy driving car owners to hold onto their vehicles for longer – our data has been showing this trend for the past three years; but what is most compelling is that longer ownership has become an embedded habit for car owners, regardless of what the economy does,” said Brian Hafer, vice president of marketing at AutoMD.com.
Hafer added that the lengthening of ownership is here to stay, motivated by more quality vehicles, more choices and knowledge on how to maintain and service those vehicles.