Spending on Older Autos Gains

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Here’s another reason your shop may want to expand into working on leather seats, or other car upgrades.

Consumers holding onto cars longerConsumers are holding onto cars longer and they are spending more on their aging autos.

Even owners of a car that’s 10 years or older plan on keeping the car another 5 years on average, reports NPD. This is driving a need for replacement parts of mufflers, alternators, etc, which were up about 7 percent last year.

You can see by the chart below that more people are driving older cars, and what’s interesting is they are spending more now on cars older than 10 years.

“..spending on older cars remains relatively high. In fact, spending on vehicles 10 years and older is an average of 10 percent higher than spending on newer vehicles. So the vehicle population is aging, and consumers are demonstrating a willingness to continue to spend on these vehicles,” said an NPD report.

NPD chart: Consumers keeping cars longer

Consumers spending more on older cars: NPD

Source: The NPD Group
Charts by NPD
Photo via Junky Car Club

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