High-mileage trade-ins clogging used car lots - msnbc.com
But as quality and reliability become essential requirements for automakers, consumers can feel comfortable that a car will last longer — something that has become a requirement as prices rise and the economy falters, analysts suggest. Nearly eight in 10 owners will now hold onto their vehicle for a decade or longer before owners to hold onto their vehicles for longer. Our data has been showing this trend for the past three years, but what is most compelling is that longer ownership has become an embedded habit for car owners, regardless of what the economy does,” said Brian Hafer, vice president of marketing at... The survey of 4,000 vehicle owners by AutoMD found that:. 78 percent plan to keep their current vehicle until it’s more than 10 years old 15 percent expect to trade it in when it's 8 to 10 years old 4 percent will trade it in when it's between 6 and 7 years old 3 percent expect to trade it in when it's... According to other recent studies, such as the J. D. Power and Associates Initial Quality Survey and Power’s Vehicle Dependability Survey, today’s products last longer than ever with fewer problems requiring major repairs along the way. Where motorists of the past knew that their vehicles were reaching a ripe old. Source: business.nbcnews.com
