It seems that we are more inclined to keep our current cars longer rather than go out and buy a new car. So says a new study released by DriverSide.com and Kelton Research. The survey shows that more than four out of five U.S. car owners plan to keep their current car longer because of the bad economy.
Sales of new 2008 cars were originally forecasted to be more than 16 million units, but it plunged to 13.2 million, according to the CSM Worldwide January 2009 report. Moreover, the firm that did this report, says that new car sales for 2009 will be 11.5 million units. That is a 27 year low.
Our take? You know, we tend to remember that car owners were keeping their cars longer since before the current economic downturn. It used to be common for people to buy a new car every three or so years. But years ago that changed. And many are keeping their current cars for as many as 10 years. We think many more are simply keeping their cars, bad economy or not.
via Business Wire