Extended life: Used cars go longer than ever
Posted on Tuesday, February 14, 2012 at 9:26:54 AM
High demand for used cars and improved auto designs have created a new market for consumers looking to buy. People need to be savvier than ever to stretch their auto financing loan. However, while the market may be competitive, cars are running longer, making the investment better able to stand the test of time.
"With what we pay for new or newer cars, they should go a couple hundred thousand miles," Jake Fisher, owner of an auto service business, told TheNewsMessenger.com. "It's a car payment versus a repair. It saves them in the long run over a car payment."
A new Polk study found the average age of a used car on the road is 10.8 years as of July 1, 2011, according to USAToday.com. An increase from the 9.8 in 2007, and 8.4 in 1995.
Polk Vice President Mark Seng told USAToday, that people keep cars longer because manufactures are making them far superior to those made 1995, which was first year that Polk began tracking the average age.
Smart consumers can find a reliable used car by searching the market and having a trusted mechanic or auto seller on their side.