The average length of ownership of new vehicles continues to increase, according to a recent analysis from Polk. Consumers are now holding on to a new vehicle, on average, for 63.9 months based on second quarter 2010 data, up 4.5 months from the same time last year, according to Polk.
Length of ownership has risen each quarter since the end of 2008 and serves as an indicator of business opportunities available to the automotive aftermarket, based on the increasing numbers of older vehicles in operation that may need service or parts, and an increasing number of vehicles on the road falling out of warranty.
These figures also highlight opportunities for manufacturers to consider, such as targeting those consumers who are hanging on to older vehicles as potential customers for new vehicle purchases, Polk noted.
According to Polk, the average length of new vehicle ownership increased an average of 3.7 percent annually prior to the economic and auto industry meltdown in late 2008. Since that time, average length of ownership of new vehicles has increased more than 14 percent, with no signs of slowing down.
"Ownership trends are something our customers watch very closely," said Eric Papacek, Polk solutions consultant. "Armed with insightful data on these trends, aftermarket and retail customers are able to appropriately plan for levels of service work and parts that may be required based on the increased age of vehicles on the road."
When considering registrations for used models, average length of ownership also is at a record high — 46.1 months — up from 43.8 months from the same period in 2009. New and used vehicles combined have an average length of ownership of 52.2 months based on second quarter analysis, according to Polk.