Consumers Hold onto Vehicles Longer
January 3, 2011
Consumers are holding onto both their new and used vehicles for longer periods of time. The length of time a consumer keeps a new vehicle has risen each quarter since 2008 to an average of 63.9 months in the 2nd quarter of 2010. That is 4.5 months longer than the same quarter last year. For used vehicles, the average length is 46.1 months, up 2.3 months from the 2nd quarter of 2009.
Average Length of Vehicle Ownership by Quarter, 2008 - 2010
Average Length of Vehicle Ownership, Quarter 1, 2008 - Quarter 2, 2010
| Year | Quarter | New Buyers (Months) | Used Buyers (Months) |
|---|---|---|---|
| 2008 | Q1 | 54.6 | 40.0 |
| 2008 | Q2 | 56.7 | 42.0 |
| 2008 | Q3 | 56.3 | 41.3 |
| 2008 | Q4 | 55.8 | 40.7 |
| 2009 | Q1 | 58.6 | 43.7 |
| 2009 | Q2 | 59.4 | 43.8 |
| 2009 | Q3 | 60.6 | 44.2 |
| 2009 | Q4 | 62.4 | 45.3 |
| 2010 | Q1 | 63.2 | 45.9 |
| 2010 | Q2 | 63.9 | 46.1 |
Source
R. L. Polk & Company, Latest Trends, "Consumers Continuing to Hold onto Vehicles Longer."