U.S. consumers keeping vehicles longer – Polk

DETROIT, Nov 3 (BestGrowthStock) – U.S. consumers are holding onto
their current vehicles longer, automotive consultant Polk said on
Wednesday.

This continues a trend that began in late 2008 — coinciding
with a dropoff in new-vehicle sales and the U.S. economic
downturn.

Consumers on average are now holding onto a new vehicle for
64 months, up 4.5 months from a year ago.

Polk points out that more older vehicles on U.S. roads create
opportunities for companies serving the automotive aftermarket.

Used car prices have increased as consumers are holding onto
their current vehicles longer, which has also been a weight on
new car prices.

“The average length of new vehicle ownership increased an
average of 3.7 percent annually prior to the economic and auto
industry meltdown in late 2008,” Polk said.

Since then, that has increased more than 14 percent, “with no
signs of slowing down,” Polk said.
(Reporting by Bernie Woodall; Editing by Derek Caney)

U.S. consumers keeping vehicles longer – Polk