Survey: Majority of Consumers Keeping Vehicles for 10 Years
March 21, 2014—Nearly 80 percent of consumers are comfortable with a vehicle lifespan of more than 10 years or until the vehicle dies, according to a new AutoMD.com survey.
In addition, participants said an improving economy will not change the length of ownership, as evidenced by the steady growth in miles they are reporting on their primary vehicles.
While the survey does show that, year over year, the number of consumers who say they plan to drive their primary vehicle “until it dies” has decreased from a high of 56 percent in 2010 to 35 percent in 2013, over half still plan to drive their vehicles for more than 100,000 miles.
One in four holding onto their vehicles for longer say that they are more likely to stick to the vehicle's maintenance schedule and 71 percent said they opt to visit an independent repair shop to save money.
According to the report, the amount consumers spend on vehicle repair has stayed relatively flat from 2010 to 2013: nearly 50 percent report spending $500 or more a year. Nearly 83 percent of participants said they feel that they have been overcharged when getting their vehicle repaired, a number that has also remained flat since 2010.