Yes, the new cars have better car electronics but more drivers are holding onto their clunkers longer and the trend shows no sign of slowing down.
In 5 years, the average car on the road will hit 11.7 years. This year it remained flat at 11.4 years and it is expected to stay flat for a couple of years before rising again.
Also, the number of cars on the road is growing at a record rate. This year the figure hit a high of 252,700,000 cars on U.S. streets, according to IHS. Since this time last year, 3.7 million vehicles have been added to our roads, a growth of 1.5 percent. The U.S. hasn’t seen that high a growth rate since 2004-2005, said The Car Connection.
The two factors driving the trend are lower consumer spending due to the recession and improved car quality
For more, see The Car Connection,
Photo credit: Brightdriver