Post-recession, Americans buy fewer cars over their lifetime

Post-recession, Americans buy fewer cars over their lifetime

On average, Americans will buy four fewer new cars in their lifetime than before the recession, says automotive researcher R.L. Polk.

Consumers are expected to keep their new vehicle six to eight years, double the typical past expectation of three to four years. The reasons are no surprise: Cars are better quality and last longer. As prices rise, buyers are less willing to take on a new-car payment. And loan terms continue to stretch out, making it harder for consumers to reach positive equity and instead go upside down.

The change, of course, gives dealers and automakers fewer chances to retain or steal customers. By the time a consumer is ready to buy a new car, the individual may be in a new life stage and need a different kind of vehicle. Their needs for a vehicle may have changed, so they may abandon the brand theyve driven for many years, Polk director of forecasting Anthony Pratt told CNBC.com.