Report: Buick, Volvo, Mitsubishi owners keep vehicles longest
Also, Experian Automotive finds Ford F-150 is equally popular among boomers and Gen X buyers.
Last week we reported that the number of cars and light trucks on U.S. roads reached 247.9 million in the second quarter of 2013 -- the highest point since the recession slowed auto sales starting in 2008.
The reason for this is not only booming new vehicle sales, but also car owners keeping older vehicles for longer periods of time. Experian Automotive noted that the average age of vehicles on the road was 10.9 years in the second quarter of 2013 -- almost a full year older than in the second quarter of 2009.
At the SEMA show last week in Las Vegas, Experian expounded on the study and revealed what vehicle brands those people are keeping. The top five, in order, are Buick, Volvo, Mitsubishi and the twin brands of Chrysler and Dodge.
The study measured the number of months car owners kept their cars since buying them new and until they sold them in the second quarter of this year. Buick was the clear leader at 98 months, while Volvo came in at 92 months and Mitsubishi at 91. The average length of ownership for Chrysler vehicles was 87 months and for Dodge it was 85. GMC had the lowest length of ownership at 71 months, which scored just below Lexus and Jaguar, both at 72.
Other interesting tidbits about car buying habits: While import brands have increased their market share compared to domestics since the recession, by 2014 the three U.S. domestic brands will have closed the gap and moved ahead. And of the income group most likely to buy a hybrid, the top of the spectrum -- those earning $150,000 or more a year -- made up the largest percentage. This was followed by those earning $50,000 to $74,999 a year.
Experian also found that among the top five models purchased in the first quarter of 2013, the Ford F-150 pickup was No. 1 with both boomers and Gen X buyers, and it was second (after the Honda Civic) among millennials.
[Source: Experian Automotive]
Just curious: why is it that seniors buy Buicks? I'm 68 and would rather have a GMC truck or SUV. Do these people wake up on their 65th birthday and decide they need a Buick, and start listening to Frank Sinatra? I don't get it.
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