Car Owners Holding on to Vehicles Significantly Longer, at Least 50,000 Miles Longer, Says New Survey
Consumers driving vehicles significantly longer may offer opportunities for increased engine rebuilding work.
AutoMD, a new free online auto repair resource, has released the results of a survey revealing that car owners are putting many more miles on their current vehicles, 50,000 or more, than on their previous vehicle with the majority of respondents planning to keep their vehicle until it dies. 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 AutoMD survey, which included online responses from more than 600 car owners in December 2009 and January 2010, offers a snapshot of car owners' intentions about their current vehicle with clear indications that consumers are firmly breaking out of the buy-every-few-years cycle, opting to drive and repair instead.
Measured by Miles, Car Owners Plan to Drive Much Farther in Current Vehicles
Nearly 50 percent of survey respondents indicated that their current vehicle had more than 100,000 miles. A combined 69 percent reported that they planned to drive their current vehicle for 150,000 miles or more (13 percent), or until their vehicle dies (56 percent).
Nearly four in five (77 percent) plan to drive their current vehicle for 50,000 miles (or more) than they drove their previous vehicle. Less than 12 percent said they will keep their current vehicle for fewer miles than their previous vehicle.
Car Owners Opting to Repair and Maintain in Tough Economy
Fifty-four percent of respondents reported spending $500 or more on yearly repairs to their vehicle, 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 number one reason for holding onto their vehicle 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 lives of their vehicles and it is critical that they have accurate, unbiased information and tools to make the best possible repair decisions when spending those precious dollars. We launched AutoMD to do just this: empower car owners with free information on the best and most affordable options for repairing their vehicle in these tough economic times."
AutoMD (www.automd.com) is a wholly-owned subsidiary of US Auto Parts Network Inc.
The AutoMD Mileage Survey was conducted December 2009 through January 2010. The survey represents a snapshot of car owner intentions about their current vehicle. Participants identified as either DIYers (Do It Yourself) or DIFMers (Do It For Me), with minimal trend differences between groups.