Consumers Keen to Keep Their Cars Longer
The study, conducted by AutoMD, an online auto repair resource, also reveals that most owners intend to use their current vehicle until it dies, performing their own repairs and being more sensitive to maintenance issues due to the current economic situation.
Almost half of those who took part in the survey said that their present car has over 100,000 miles. A combined 69% reported that they would not purchase another car until the present one exceeds 150,000 miles (13%) or until their vehicle dies (56%). 77% of those questioned intend to put 50,000 more miles on their current vehicle than they did on their previous one. Only less than 12% said that they want to keep their current car for fewer miles than their previous car.
When inquired about repairs, more than half of the responders reported spending $500 or more on yearly repairs to their vehicle. 21% of respondents said that they spend in excess of $1,000 for these operations. 44% are forced to pay more attention to maintenance & repairs or even do the repairs themselves due to their financial situation.
"Not only are consumers holding onto their vehicles for years longer but, more significantly, for miles longer, opting to repair and maintain rather than purchasing new," said Auto MD President Shane Evangelist. "We estimate that these car owners will be spending at least an additional $2,500 on repairs over the intended life of their vehicle,” he added.
The survey was conducted December 2009 through January 2010.