US Consumers Holding Onto Vehicles Longer

According to US surveys, vehicle owners continue to hold onto their vehicles longer, planning to put more miles on them than in previous years and drive their existing vehicle “until it dies.”

Nearly 80 percent of these people plan to put over 150,000 more miles on their current vehicle than they put on their previous one indicating that extended vehicle ownership is a habit that is taking hold, regardless of any signs of recovery — and especially as economic challenges continue.

The percentage of survey respondents reporting they have over 100,000 miles on their current vehicle has also increased by 25 percent from 2010, with nearly three in five pushing their odometer higher and higher.