The recession caused a lot of people to become more frugal, and that is especially true when it comes to their cars. As a result, many motorists began to hold on to their vehicles longer than they would have previously, and the trend has apparently continued. Research firm Polk recently found that the average age of vehicles on the road is 10.8 years – an all time high.<\/p>\n
The findings highlight a growing trend over the last five years, which has shown that drivers are more likely to invest in auto maintenance than a new car. Additionally, it suggests that they may be more likely to purchase a used car instead of a new one to save money.<\/p>\n
When the results are deconstructed, they show that passenger cars experienced just a modest increase in age between June 2010 and June 2011, rising from an average of 11 to 11.1 years. Light trucks, however, made more substantial gains during that time with an increase of age from 10.1 to 10.4 years. While the tendency of drivers to hold on to their vehicles may hurt new car dealerships, it's good news for some other businesses.<\/p>\n
"The increasing age of the vehicle fleet, together with the increasing length of ownership, offers significant business growth opportunity for the automotive aftermarket," said Mark Seng, global aftermarket practice leader at Polk. "Dealer service departments and independent repair facilities, as well as aftermarket parts suppliers, will see increased business opportunity with customers in need of vehicle service."<\/p>\n