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Americans are holding onto cars longer, according to federal study


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2007 Ford Explorer Eddie BauerThis might not be good news for car dealers: Americans appear to be keeping their cars longer than ever. The results of a study released Tuesday by the Federal Highway Administration indicate that the average vehicle age has increased significantly since 2009 to 10.5 years. Back then, the average age of a vehicle was 9.3 years. The federal agency...

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As the price of most new cars continue to exceed $35k or more, a car has become a significant investment that is not easily paid off in the traditional 1-3 year time period anymore. Now days, a 5-7 year loan is more common than we care to admit, just because we can't afford $800-1200 a month car payments. This means we are going to hold onto these cars longer, once they are paid off, to help build up our bank accounts before we have to replace it. This should not be a shock to anyone who thinks about it.

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Of the 6 cars I currently own...3 of them I have had for 20 years or more..One of those a 1971 442...I've had since the mid 1980s...The 97 firebird I bought new...The 96 firebird I got in late1998 with 7500 miles on it...The last new car I bought was a 2003 Oldsmobile Silhouette Still have it too...The other two cars a 97 lincoln and a 2000 Honda will go to the junkyard when I Am done running them into the ground...will be replaced with similar cheap high mileage beaters as the need arises...Will probably never own another new car unless I win the lottery...Even then would have a problem paying more for a new car than I paid for my house When I originally bought it......

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