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Consumers keeping vehicles for longer, says PolkPosted On Fri, February 24, 2012
Automotive information company Polk recently released a report showing that Americans are holding onto their automobiles for longer periods of time than before.
The average length of ownership for new cars was 71.4 months during the fourth quarter of 2011, according to the report. This is the highest the length has ever been. In addition, the length of ownership for cars purchased used was 49.9 months. The combined average was 57 months.
"As the aftermarket prepares to service this aging vehicle population, this creates concerns about appropriate parts inventory," said Mark Seng, global aftermarket practice leader at Polk. "As a result of our analysis, we're currently working with customers in the aftermarket to help them prepare for increasing demand throughout the entire supply chain."
Consumers who are keeping older vehicles instead of purchasing newer options may want to ensure their insurance is up to date. Due to the vehicles aging, a car owner could be paying for more than they need to. Comparing their current plan with other auto insurance rates could help lower their overall payments.
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