Why Americans Holding Their Cars Longer

Recent data indicates that Americans are holding onto their cars longer than ever, with the average ownership duration rising from 8 to 12 years. Economic uncertainty, rising inflation, and high vehicle prices are key factors. Advances in automotive technology have improved vehicle longevity, while high personal debt levels make new car loans less appealing. Environmental awareness also plays a role. This trend shifts demand to auto repair services and used cars, influencing automaker strategies and impacting local economies. Understanding these dynamics is crucial for dealers and sellers. If you’re new here, please subscribe and hit that like button. Let’s dive in!

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