New-car buyers intend to keep cars longer than in the past
Automakers are working hard to build reliable vehicles that last 10 years or longer. For dealers, this is good news and bad news. Neither dealer nor manufacturer wants the trading cycle to become longer.
CNW Research president Art Spinella calls it a marketing dilemma. CNWês recent Purchase Path studyês early results have shown that todayês new-vehicle buyers plan to keep their car or truck much longer than buyers before the recession did.
Only 8 percent say they will keep their vehicle for three years or less, and 36 percent intend to keep it more than 10 years. In 2006, the comparable figures were 11 percent and nearly 25 percent.
Of course, peopleês intention and their actions donêt always match when it comes to car buying.Download Bulletin PDF