Consolidators: Auto Glass Now Opens Two New Locations
Consumers opting to hold and repair, rather than purchase new, with 56 percent planning to drive until vehicle dies.
AutoMD, a free online auto repair resource, released the results of a survey revealing that car owners are putting many more miles on their current vehicles than on their previous vehicle 50,000 or more with the majority of respondents planning to keep their vehicles until they no longer run.
The report also revealed that the economy is influencing many to do their own repairs and pay more attention to maintenance on their current vehicle.
The survey, conducted online among car owners in December 2009 and January 2010, found that consumers are breaking out of the buy-every-few-years cycle, opting to drive and repair instead.
The survey also found:
Nearly 50 percent of survey respondents indicated that their current vehicle had over 100,000 miles. A combined 69 percent reported that they planned to drive their current vehicle for 150,000 or more miles (13 percent), or until their vehicle dies (56 percent).
Nearly four in five (77 percent) plan to drive their current vehicle for 50,000 or more miles than they drove their previous vehicle. Less than 12 percent said they will keep their current vehicle for fewer miles than their previous vehicle.
Fifty-four percent of respondents reported spending $500 or more on yearly repairs to their vehicles, with 21 percent reporting that they spend $1,000 or more.
Forty-four percent report that tight budgets are driving them to either pay more attention to maintenance and repairs or do the repairs themselves.
When asked for the No. 1 reason for holding onto their vehicles for 100,000 miles or more, one-quarter stated that “in this economy, I simply can’t afford not to” and nearly 30 percent indicated that being vigilant with repairs and service should keep it in good running condition.
“Not only are consumers holding onto their vehicles for years longer but, more significantly, for miles longer, opting to repair and maintain rather than purchasing new,” said AutoMD President Shane Evangelist. “We estimate that these car owners will be spending at least an additional $2,500 on repairs over the intended life of their vehicle.”