The average American cannot afford to replace their car frequently. In recent years, the majority of Americans are purchasing cars that they believe will last long-term. In fact, holding onto your car long-term has become a trend in the United States especially over the past year.
The estimated lifespan of a car has reached about 11.6 years old, which has slightly increased from 2015. The long-lasting lifespan of cars and light trucks are gradually improving thus allowing people in the U.S. to hang onto their cars as long as they possibly can.
Director of IHS Markit, Mark Seng, is predicting that in 2021, 20 million cars on the road will be a quarter of a century old. Seng also believes that there will be 81 million cars that are 16 years or older by the year 2021.
Service providers and part makers are both directly benefiting from this trend. With consumers fixing their cars themselves, the service provider market is bringing in $54 billion each year. Stores such as AutoZone are doing better than ever before because consumers are investing their money into their products in order to keep their old car running.
Mechanics are seeing an increase in business as well because people are quicker to repair their car now. Dealerships, however, are seeing a decline in new car sales and some are suffering financially. Many dealerships are implementing service stations or body shops in order to generate more revenue.
People are taking better care of their cars to save money and many experts believe that the trend is just taking off.
PermaPlate can help you upkeep and maintain your current car so it also withstands the test of time.