Study: Many drivers turning to older model vehicles
Posted on Wednesday, June 18, 2014 at 9:09:23 AM
When it comes time to acquire auto financing and pick out that next vehicle to drive, many Americans are choosing older models instead of newer options.
According to a recent study from Experian Automotive, vehicles made prior to the 2001 model year accounted for more than 28 percent of all vehicles during the first three months of 2014. That is higher than the 22.1 percent reported in 2008. The most popular older vehicles on the road include the Ford F-150, Chevrolet Silverado 1500 and Honda Accord, among others.
"Auto companies have been seeing the benefits from consumers coming back to market due to pent up demand following the recession," said Melinda Zabritski, Experian Automotive's senior director of automotive credit. "However, it's clear that more and more consumers continue to drive older-model vehicles."
A recent analysis by Edmunds.com identified several of today's best options for long-term value. The results indicated that Honda and Acura have the highest estimated residual values following a five-year period. For Honda, that figure is 50.1 percent projected residual value, while Acura is at 45.4 percent over that time span.
Joe Spina, Edmunds.com director of remarketing, explained that long-term value is an important deciding factor for many auto shoppers.