Car Owners Hanging Onto Their Current Rides
By Michelle Krebs February 26, 2009Car owners, as suspected, are hanging onto their current vehicles longer -- and longer and longer.
The average age of trade-ins has been edging higher every year since 2004, according to recent data compiled by Edmunds.com, parent of AutoObserver.com. Today, the average age of a trade-in is nearly six years old, more than a year older than its counterpart five years ago.
In 2004, the average trade-in was 4.32 years old. For 2008, the average trade-in was 5.3 years old. In the first two months of this year, the age jumped to 5.95 years old.
Source: Edmunds.com
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Maybe this is due to the fact that cars are holding together better and people don't feel the need to replace them as much?
I'm sure that's part of it altimadude00. But there has always been a portion of buyers that liked having the latest and greatest vehicles on the road- these were typically the group that leased rather than bought. The economy's weakening has made leasing less attractive, as well as making the ability to afford a new car while trading in the 5 year old a bit harder. And with the economy continuing to spiral slowly further into the abyss, many people would rather not get any more debt- they'd rather just pay off what they have and try to at least survive.
Well the cost of living is going high. it might be some reason why the people are sticking to their old cars.
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