STUDY: More Americans planning to keep their cars longer... are you? [w/POLL]
Automakers looking for a relatively quick turnaround in the auto market probably aren't going to like a new survey from AutoPacific. The annual survey of over 32,000 consumers gauges public interest in new car buying, and the 2009 survey shows that a lot fewer people are looking for a new car these days.
Back in 2005, only 46% of those queried said they were waiting more than four years to buy a new car, and this year that number rose to 59%; a whopping 13% increase. The survey asks if car buyers are looking to buy in six months to a year, one to two years, two to three years, three to four years, or four or more years, and the numbers are down across the board verses last year. A paltry 1.49% of those surveyed said they were looking to buy in the next year, down 1.05% from last year, and 2.12% as compared to 2005. The number of survey participants looking to buy in the next one to two years has been cut in half to only 5.68%, which doesn't bode well for the short-term future of car sales.
These survey numbers could foreshadow more troubles for the auto industry, and AutoPacific president George Peterson sees this as a long-term issue:
"We'll not be seeing the frequent replacement pattern brought about by strong incentives and financing programs that made it easy and financially reasonable over the last decade for consumers to get into a new car frequently. This may also tell us that consumers will be putting a higher priority on vehicles with a reputation for quality and durability that meets not only their short-term needs, but also their long-term expected needs."As bad as these numbers look, we're guessing that they're more a reflection of the state of the economy than a long-term assessment of the auto industry, although they could also have something to do with improving vehicle reliability and the increasing commonality of longer warranties. Still, AutoPacific's numbers changed drastically from 2008, meaning many that said they would buy a vehicle in a certain time frame only last year have changed their minds a year later. If the economy picks up, we suspect some will change their minds again. If the nation's financial picture remains mired in a depression, though, sales will continue to be slow. Either way, we've got the feeling that the days of 16-17 million annual new car sales in the U.S. are behind us.
Are you planning on keeping your car longer these days? Take our survey (and check out the official press release and chart) after the jump, then drop your fellow reader a line in 'Comments.'
[Source: AutoPacific | Image: George Marks/Getty]
PRESS RELEASE:
Americans Keeping Their Cars Longer
TUSTIN, Calif. (July 14, 2009) - An annual survey of new vehicle buyers shows a significant increase in the number of people planning to hold onto their cars and trucks. In 2005, just over 46 percent of new car acquirers indicated they would not be shopping for a new vehicle for four years or more; in the just completed survey that number has risen to about 59 percent - an increase of almost 13 percent. At the same time, the number of people intending to replace their vehicle within the next 2 years has fallen.
In April, automotive research firm AutoPacific conducted a national Internet survey which revealed that the general public was very hesitant to invest in a new vehicle; with 72% of those surveyed saying it would be more than a year before they would be in the market to buy a new car. That finding supports other surveys which indicate that the public is wary about the current condition of the American automobile industry and the U.S. economy as a whole. It also confirms that not only are consumers wary, but those that did make the investment intend to hold on to their vehicles longer.
"Rapid replacers don't seem to be changing their pattern, but people who previously bought a new car every one or two years have significantly scaled back their purchasing, and those who before bought every three to four years are now waiting at least an additional year," said George Peterson, president of Tustin, California-based AutoPacific. "We'll not be seeing the frequent replacement pattern brought about by strong incentives and financing programs that made it easy and financially reasonable over the last decade for consumers to get into a new car frequently. This may also tell us that consumers will be putting a higher priority on vehicles with a reputation for quality and durability that meets not only their short-term needs, but also their long-term expected needs."
About AutoPacific
AutoPacific is a future-oriented automotive marketing research and product-consulting firm. Every year AutoPacific publishes a wide variety of syndicated studies on the automotive industry. The firm, founded in 1986, also conducts extensive proprietary research and consulting for auto manufacturers, distributors, marketers and suppliers worldwide. Company headquarters and its state-of-the-art automotive research facility are in Tustin, California, with an affiliate office in the Detroit area. Additional information can be found on AutoPacific's websites: http://www.autopacific.com and http://news.vehiclevoice.com.
Reader Comments (Page 1 of 6)
lothar 1:03PM (7/16/2009)
I'm 43 my car is a 90 Celica GTS that I've owned for 15 years. Just noticed that the floor boards have rusted out, at this point I can afford new sheet metal thats about it.
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Bobmarley 1:44PM (7/16/2009)
Great car!
nastinupe 2:52PM (7/16/2009)
I bought an Acura TL brand new back in 2005. I am still paying on it. It still runs and drives perfectly. It looks great and still gets complements. I have a little over a year left on my payments and I have no plans on buying a new car any time soon. I can say that I will probably be back in the market sometime around 2014. 10 years is about right for an Acura.
9600baud 3:07PM (7/16/2009)
nice ride, thats a stupid question, this is an enthusiast site, we dont treat cars like appliances we replace every X years.
Kevin 1:36PM (7/17/2009)
Bought my Wrangler Unlimited new back in 06 right before the JKs came out. I plan on keeping it until one of us is irreparably wrecked, and then having a viking funeral in it :). Hopefully since I'm 24 that'll be a good long while, I'd like to end up with a story like that lady with the 64 Mercury that was on here a couple of weeks ago.
usingthelou 1:04PM (7/16/2009)
If it ain't broke and I don't want a new one don't buy.
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Mike 1:37PM (7/16/2009)
That's my strategy too.
My 2003 BMW 325Ci runs fine with regular maintenance, and I like it. I'll continue to service it until I can't stand to drive it any longer or until it gives up on me (like if I need an engine or transmission swap or the body becomes dangerously compromised).
You may see me driving my car in 2013 and beyond!
Alex 2:22PM (7/16/2009)
Couldn't agree more. My 1992 Nissan Maxima is still running strong and i see no reason to upgrade. No car payments, super cheap to insure, inexpensive parts. She isn't the prettiest or the most fun to drive, but that is what the Street Triple is for :)
Protzenegger 6:47PM (7/16/2009)
@ Mike: Everything you said, I apply to my '04 RX-8. It's my baby.
Andrew L 7:37PM (7/16/2009)
Pretty much the same thing with me... I got a 1999 Mercury Sable LS with every factory option and then some that I added, still runs good at 130,000 miles with the original engine and transmission. I am probably gonna drive this car into the ground unless I find a really good deal on a Lincoln LS or Mercury Marauder.
dodgeboy 1:04PM (7/16/2009)
i'm keeping my intrepid until the engine dies or the wheels fall off, 300 000 kilometres and still going strong
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akboss302 1:54PM (7/16/2009)
My folks had a '97 Concorde, couldn't kill it, lasted till almost 400,000 Kms. That 3.5L is a great motor, powerful and good mileage on the highway. I still like the look of the early 1997-1998 LHS.
Greg 4:20PM (7/16/2009)
I saw an LHS the other day and was struck by how well it had aged. Definitely one of the best looking big cars ever.
Judy Zik 9:43PM (7/16/2009)
I drove a first generation Intrepid up to just short of 300,000 kms. It was an awesome car. Smooth, comfortable, quiet, powerful and decent handling. The interior was quite plush and well thought out compared to current Chrysler products. Headlights were dim and the paint peeled but such is life. I would have had it longer except the idiot that owned it before me incorrectly uninstalled their remote starter. The wires they left behind under the dash shorted one day and it had gremlins from then on. Fortunately by then I had moved on to another vehicle. It went to the wreckers under it's own power.
BLS 1:04PM (7/16/2009)
Yes trying to keep exposure to risk down, in case I move abroad in the next two years. Don't want to buy a new car and have to sell it at a huge loss. Would rather just keep the old one on the road for a couple more years.
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Bird 1:08PM (7/16/2009)
New cars suck because you worry about dinging them up. Old cars are already beat to sh!t so you don't care what happens.
Please ignore any obvious logical fallacies or blatant oversights in my post.
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Ken 1:09PM (7/16/2009)
I'm keeping our cars for a while..
1997 Acura TL with nearly 200,000 miles. Drives like its new. Just needs a good detail and a wetsand. I've only had to replace the starter and CV boots. Upgraded stereo with USB cable in the glovebox for the iPod.
2002 Acura RL with 45,000 miles.. it has a good 250,000 miles to go. Up to date SatNav and the Onstar controls have been converted to bluetooth.
Neither one has the dreaded 5 speed auto Honda made for a few years and I can actually see out of them. Nor do I have a bottle-opener for a grill.
Both get 27 mpg on the freeway or better with a lighter foot. I don't see any need to upgrade. I'm sure many others on here of nearly every brand out there can attest that modern cars are built to last, not just Honda.
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Jared 1:10PM (7/16/2009)
I bought an '80 Toyota Corolla new and kept it 7 years.
I bought an '87 Acura Integra new and kept it for 13 years.
I bought a 2000 VW GTI and only kept it 4 years because it was a piece of crap.
I bought a 2003 Toyota 4Runner new, and still have it now. I've got 80,000 miles on it and hope to put another 80,000 miles on it.
Cars are just too expensive and depreciate too much to turn over quickly unless you are rich.
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Bobmarley 1:48PM (7/16/2009)
I have a 98 4runner V6 with 204,000 miles on it...you have a long way to go before yours dies...knock on wood!
Kitko 1:59PM (7/16/2009)
Over from Europe, 1999 Mazda 323 GT (protege), 350,000 kilometers, just (at about 300,000) had its original disc brakes changed. Works like new, no engine or transmission overhaul needed, nothing ever broke down.