Are you thinking about trading in your vehicle for a new one, or is that completely out of the question? There was a time in US history when the average person owned 13 different vehicles over the course of his or her lifetime. Today, that statistic is down to 9.4.
How long are people keeping their vehicles? Why are they keeping cars longer and longer? What does hanging onto a car for a longer time mean for an owner when it comes to things like purchasing an extended auto warranty?
How Long Do People Keep Their Cars?
According to one study, the average age of US cars is presently at 11.5 years. That doesn’t mean divers have owned these cars from day one – just that the average age of the cars we currently own is older. Why is this the case? There are several important factors:
- Economic times are tough. Most people can’t afford to trade in a car every few years when the warranty runs out like they used to.
- Lenders are offering longer loans. Car loans used to be 2 to 4 years. Now 4 years is considered a shorter loan with some being up to 7 years. Since it is not cost effective to trade in or sell a car until after it is paid off, that means people are hanging on to those vehicles longer.
- Cars are being built to last. A car that can’t go 100,000 miles isn’t acceptable. Many people will drive a vehicle 200,000 miles or more.
Driving Your Car Longer Means Protecting Yourself Against Repairs
Of course, it is only cost-effective to drive a car longer if you can afford the repair bills that will inevitably come your way. That’s why you need an extended auto warranty from Vehicle Service Center. We can help offset some of those major repair bills so that it doesn’t cost you more to hang on to that older car than to have a payment on a newer one. To get your free quote, call us today at 1-800-280-6708 or request your quote online.