My car was manufactured about eleven and a half years ago, which I thought was relatively old. That’s why I was surprised to learn that it’s perfectly average. According to data compiled by the consulting firm IHS Automotive, cars that are registered and on the roads have an average age of 11.5 years, and there’s a record number of cars registered right now.
Why does this matter? First, it’s interesting, because the trend of older cars began during the recession, and the average age of cars on the road has been increasing since 2008. People wouldn’t be keeping their cars for longer (or acquiring older used cars) if the cars themselves weren’t more durable, though, and that indicates that cars are more reliable than they use to be and staying out of the scrap heap.
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6 comments:
I am one of those people. I still have my 2003 Pontiac Vibe. I also have a 2005 Honda Pilot. I cannot afford to pay what dealers want for a new car and even used cars now cost what new cars and trucks used to cost.
All I can do is try and keep them maintained and running. For me it is better to have money for the basic necessities of life like food, clothing and shelter than to be strapped with high car and insurance payments.
The cost of living now is just way too high to afford the luxury of a new vehicle. I'm also not making as much as I used to before the great recession started in 2008. The manufacturing plant I used to work for closed, and I had to take a lower paying job. I'm certain that I am not alone.
It annoys me to see a car 15 or more years old with less than 50,000 miles.By the time I have owned a car for 5 years I have at least 100,000 miles on it.
10:38 I have a 2007 SUV with 19,000 miles. Garage kept!
Millions of dollars wasted yearly on vehicles terribly hi cost to purchase and to own .I do not see how local stealerships stay in business.Lets not forget the legal crook the car insurance agent. Ending, The county and city roads are for the most part terrible.Get in the middle lane at winder street headed west on rt 50 and feel the hard suspension slams at all intersections until you reach nanicoke road leaving salisbury. Unless you own a business and can deduct most cost of vehicle and ownership its the worse financial choice you can make
Driving along N. Salisbury Blvd I see so many new cars I find this statistic hard to believe.
My summer daily driven car is 24 years old, and I get comments on how beautiful and unusual it is almost weekly at 143k miles. My "bad weather" car is 22 years old with about 174k, same make and model but with all wheel drive.
Last thing I want is a car payment that is almost as much as a mortgage payment, by the time you add in the high cost of insurance on a new car.
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