According to a recently released analysis by Polk, one of the leading global market intelligence firms, the average length of ownership of vehicles that were purchased new has increased to 71.4 months.
Consumers who purchased used vehicles have a 49.9 month average on ownership, totaling a 57 month average for consumer holding on to new and used vehicles. The average number of vehicle ownership years increased 23 percent since the third quarter of 2008, which, according to the report, is a direct result of the economic downturn.
"As the aftermarket prepares to service this aging vehicle population, this creates concerns about appropriate parts inventory," said Mark Seng, global aftermarket practice leader at Polk. "As a result of our analysis, we're currently working with customers in the aftermarket to help them prepare for increasing demand throughout the entire supply chain."
According to Polk, consumer spending remaining conservative, longer-term financing options and more durable vehicles also contributed to consumers holding on to their vehicles longer.
The average age of U.S. cars increased in 2011 to a record 10.8 years, according to Polk, but consumers may start applying for car financing at new car dealers as a result of the economy becoming better.
With more dependable cars being placed on the market, such as the Toyota Prius, which was voted the most dependable vehicle of 2012 by MainStreet.com, consumers might continue keeping cars longer.
