Thursday, 6 March 2008
Drivers hanging onto cars and trucks longer as median vehicle age remains high
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R. L. Polk & Co. just released its 2007 vehicle population report analyzing the median age of trucks and passenger vehicles currently in use. Passenger cars retained the median 9.2 years that was achieved in 2006, while light trucks increased to 7.1 years from 6.8 last year. Polk attributes the truck increase to a maturing population of pickup trucks and SUVs that consumers bought in the 1990s.
Increased longevity and durability of modern vehicles is seen as the reason behind the older median ages, although slumping new car sales cannot be ignored either. It’s an interesting situation: successful car companies have build reputations on reliability, which consumers embrace by purchasing fewer cars (and happily when their financial situations are stressed). As vehicle emissions laws tighten and manufacturers work to catch up across all vehicle segments, drivers may continue to hold onto older vehicles as long as possible.
Source and image: Green Car Congress
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