Two reports, by AutoMD and Black Book, are showing that owners are holding on to their vehicles longer and for more miles than ever, as reported by The Detroit Bureau. Ten years and 150,000 miles are no longer unusual.
The AutoMD survey showed 78% of owners plan to keep their vehicle for more than 10 years, with only 3% expected to change cars within 3 to 5 years. And according to the Black Book Study, most trade-ins will have 125,000 to 150,000 miles by the time owners get a new vehicle.
This is a significant change from the glory days of the automotive past.