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New Study Shows Americans Clinging Onto their New and Used Cars Longer

By Leisa Dreps Subscribe to RSS | March 28th 2012 | Views:
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The economic nightmare may have subsided for now, but many Americans are still unsure of whether or not it will return. To better prepare them for what lies ahead, they start going the extra mile in cutting spending and making the best of what they have. No wonder Americans are clinging onto their old cars longer than before.

This is what automotive research firm Polk found out in its latest survey on car ownership. Statistics show a slow but steady increase in the average number of years car owners hold on to their cars since 2003. Owners of brand new vehicles held on to their cars for an average of 71.4 months, or nearly six years, from 49.8 months or four years in 2003. On the other hand, owners of used cars held on to their cars a year longer than in 2003.

One of the reasons Polk sees in this trend is, as mentioned before, the uncertainty of the U.S. economy. The study shows many Americans are still hesitant to spend too much as they hunker down for abrupt changes for better or worse. It may seem a wise decision on their part to save up for a storm that may be brewing.

Even with the economy showing signs of improvement and a positive outlook in the car industry, many are still unsure of the situation. Trends in paying car loans also reflect on this movement, with many car owners choosing longer payment schedules for less monthly dues. Perhaps they will not be jumping into the water anytime soon until they know it is safe.

Does this spell disaster for Indianapolis used car dealers and other dealers in the country? Car sales may be affected by this trend, but for parts and repair services, it’s for the better. Dealers with service centers see this as an advantage for the fact that more people will bring their old cars to the shop for spare parts and repairs.

Being an important car hub in the country, Indianapolis will be affected by the trend just as other automotive sectors. Dealers of used cars in Indianapolis are advised to focus on providing parts and quality service. Polk also advises dealers to continue their efforts in helping foster customer trust and loyalty.

Visit the Automotive News website at www.autonews.com and click on the Dealers tab for more info on how used cars for sale in Indianapolis will fare this year. The article on this study also has electronic copies of the press releases and statistical data from Polk.

Leisa Dreps - About Author:
For more details, search Indianapolis used car dealers,used cars in Indianapolis and used cars for sale in Indianapolis in Google for related information.

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