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Repelled by high car prices, Americans are holding on to their vehicles longer
- efields 3y agoI hope so. Modern cars are incredibly durable. The era of trade ins every 3-5 years needs to die — what a waste.
- AnimalMuppet 3y agoNot sure it's much of a waste. What happens to the trade-in? It gets resold, not sent to the junkyard.
- bombcar 3y agoRapid trade ins are the best way to improve everyone’s car - the rich guy gets a brand new one, the next gets one better than he had, and so on down the line until an absolute junker is hauled off to the crusher.
- Kon-Peki 3y agoThis is a complete mis-read on the situation. Yes, prices are higher and fewer people can afford them. But that has little to do with the growing average age of vehicles. Cars last longer than they used to. They are better made. People don't send a car to the scrapyard if it still works. They keep it (can't afford a replacement) or sell it (can afford a replacement). Both scenarios have the exact same effect on the measurement of the average age of vehicles on the road.
- travisporter 3y agoTotally agree. We bought a used 2004 crv and still going strong after 180k just minor engine leak. Really hoping EVs go even longer
- sempergooglefi 3y ago[dead]
- GenerWork 3y agoOne of the reasons is that cars have not only gotten more expensive, but the cost of debt has skyrocketed. Look at the interest rate of a car loan a year or two ago compared to now.
- autoexec 3y agoHousehold debt is already at records highs. It's no surprise people aren't rushing to buy new cars when they're struggling to keep their monthly bills paid and their power on https://www.theguardian.com/us-news/2023/jan/29/us-utilities-shut-off-power-to-millions-amid-record-profits https://www.theguardian.com/us-news/2023/jan/29/us-utilities...
- bombcar 3y agoAnd even if you want to buy a brand new minivan, the only ones they ever have in stock are the top of the line models costing nearly twice as much as baseline.
- theGnuMe 3y agoYes but an overall interest rate increase drives a decease in prices and an increase in manufacturer incentives and financing. It just takes a little time to work through the system and it'll be specific to particular models usually.
- jollyllama 3y agoIt's true that increased reliability which began in the 90's makes this possible, but the other aspect of this is the "features" which began to be introduced around in the middle of the past decade and those which began to be removed. Auto-engine off was added. Fewer naturally aspirated v6's, more small, underpowered turbo engines which are prone to issues around 90,000 miles. To a certain view, the value proposition of a vehicle peaked around a manufacturing date somewhere near 2012.
- biomcgary 3y agoMy family bought both our current vehicles (Toyota) with >100k miles and they are now around 250k. Average cost (including depreciation!) is <$2k per year, so a little more than $150 per month, each. Running cars longer is likely to slow down the transition to electric, unfortunately. I really want an EV, but I have never bought a new car and don't ever plan to, so I'm going to be waiting a long time for the market to deliver reasonably priced used EVs. Battery lifetime is also a question.
- vr46 3y agoFunnily enough, just today I’ve decided, or submitted to, running my current non-EV car until the death (it‘s, or mine). I’ve only got 20 years left on my driving licence and I can’t imagine affording a comparable EV (I drive a 2013 Audi 3.0 Biturbo A6 with ALL the trimmings) and then having to modify the house to get a place to park and charge - just for a car.
- josephcsible 3y ago> I’ve only got 20 years left on my driving licence What does this mean?
- scohesc 3y agoI'd assume they live in a country where after a certain age they take your license away - that or they expect to live another 20 years on earth.
- josephcsible 3y agoI think that'd be a really odd way of phrasing it if it's the latter. If it's the former, then I'm really curious where that rule exists, because I'm not aware of anywhere that has a maximum driving age like that.
- tharkun__ 3y ago
- JohnFen 3y agoPersonally, I'm not repelled by new car prices as much as I'm repelled by the new cars themselves.
- TurkishPoptart 3y agoPart of the reason is all the new "smart" features. I've got an early 2000s Camry and I love the dang car. If Toyota would re-release a "Camry SE" sort of classic 90s car version, I would line up for that.
- deleted 3y ago[deleted]
- olliej 3y agoRepelled by car dealers selling at 20+% markup on the msrp that already includes a profit margin. Add to that they’re now using “market value adjustment” “fees” to avoid paying fair vehicle sale taxes.