Length of U.S. Vehicle Ownership Hits Record High
American consumers are holding on to their cars and trucks longer than ever before. In Q3 2011, the average length of ownership for both new and used vehicles reached a record high.
Drawing on length of ownership data for the past 10 years, this Polk View answers pertinent questions related to this important automotive metric, including:
- Will length of ownership in the U.S. continue to rise?
- What are the factors behind increased length of ownership?
- What are the implications for the automotive industry – both for vehicle sales and for parts and service operations?
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