Before the economic crisis in late 2008, the average length of new vehicle ownership rose at an average of 3.7% each year. But now, US consumers are holding onto their current vehicles longer and this rate has increased more than 14%, "with no signs of slowing down," according to automotive consultant Polk.
This trend has started in 2008 when new-vehicle sales had dropped coinciding with the financial downturn. On average, consumers are holding onto a new vehicle for 64 months, 4.5 months longer compared to a year ago. Polk mentioned that with more older vehicles on the road, firms that serve the automotive aftermarket stand to benefit.
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