Wasn't there once an advertising campaign along the lines of "You're not getting older. You're getting better"? A slightly revived version of that should become the new motto for used cars in the United States. Used cars are getting older but they're getting better.
That's my conclusion after reading the Polk report on the average age of used cars. The number for all used vehicles is 10.8 years and for used cars in particular it is 11.1 years.
My wife's 2002 Dodge Neon is coming up on 10 years this June. I'm hoping it hits the 11.1 years mark and then some because it's nice not having a car payment. Our second car, a 2008 Mazda5 hits that distinction this month.
I think lots of Americans are like me and my wife. We're keeping our used cars as long as possible to avoid having car payments. Heck, even a $350 a month car payment is an extra $4200 in the bank if you can go an extra year. Sure there are probably some additional maintenance costs but you're bound to come out ahead.
For the past several cars, I’ve bought new and drive the cars 120,000 and beyond, until they start to need to go to the repair shop too often. I save the car payment (usually pay for the car in three years or less) in a special account towards the down payment. This has worked for me. Because of all the technological changes that are taking place in car development, I’ll probably buy at least one more new car and drive it until death…
Really enjoyed reading over your post, will have to stop by your website again in the near future
There are several factors that I noticed are contributing to the extended use of used cars. Some are the bad economy, many people dont have the money to buy a new car. Cars are getting better and can last longer.