Why are more consumers hanging onto their cars longer?Â
The answers are simple. For one thing, vehicles that have been built in the last ten to fifteen years last longer, are better built, with more sophisticated manufacturing processes and better materials. Plus, many of us become attached to our cars and we figure, "If it ain't broke, don't fix it." It's easy to see why. Buying a new car is an expensive proposition. According to a recent survey, Americans are keeping their cars longer, with length of ownership rising 60 percent in the last decade. The survey found the majority of drivers have kept their longest owned vehicle for eight years or more.
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According to research by iseecars.com, 6.1 percent of owners keep their cars for fifteen years or more. Of the vehicles we tend to hang onto, Japanese brands Toyota and Honda are the favorites, mainly due to their reputation for longevity, dependability, reliability, and excellent fuel economy. Cars last longer today. Rust is less of an issue thanks to better build materials and longer lasting anti-corrosion paints and clearcoats. Engine life is much longer than in years past when a car was thought to be used up after 100,000 miles. Thanks to improved tolerances and advanced technology, many of today's cars, when properly maintained, can take you 250,000 miles or more with no major repair problems.