American Holding On To Their Cars

Americans are holding onto their cars for longer periods. According to a recent report by the research firm R. L. Polk & Company, the median age of cars in operation hit a record 9.4 years in 2008, up from 9.2 in 2006 and 2007, while the percentage of cars taken out of circulation fell to 5.1 percent, from 5.5 percent in 2007.

“People are hunkering down,” said Dave Goebel, a consultant with R. L. Polk. “There is great uncertainty about what the future holds, so people are going to avoid anything out of pocket.”

A separate survey of 713 vehicle owners by R. L. Polk found that 64 percent of them were “very likely” or “extremely likely” to keep their vehicles longer and 81 percent said they were going to take better care of their vehicles so they would last longer.

The overall results of Americans holding onto their cars, may result in a future drop in lemon law claim, since less new cars are being sold. Presently, 1-800-MY-LEMON has actually experienced a rise in overall lemon law and breach of warranty claims this year and has seen a significant increase in new clients, seeking lemon law help, over the last several months.

Post a Comment