Fact #622: May 10, 2010
Average Length of Light Vehicle Ownership
Vehicle owners are holding onto their vehicles for a longer period, according to data from R.L. Polk and Company. The vehicle retention trends show that owners held onto a new vehicle for 56.3 months in 2008, up from 48.4 months six years earlier. New vehicle owners hold onto vehicles about 15 or 16 months longer than used vehicle owners.
|Year||New Vehicle Buyers||Used Vehicle Buyers||All Light Vehicle Buyers|
|Length of Ownership (Months)|
Source: Estimated using graph from R.L. Polk and Company, The Changing U.S. Auto Industry Series: Consumer Sentiment During Challenging Times.