Measured by Miles, Car Owners Plan to Drive Much Further in Current Vehicle
Nearly 50% of survey respondents indicated that their current vehicle had over 100,000 miles. A combined 69% reported that they planned to drive their current vehicle for 150,000 or more miles (13%), or until their vehicle dies (56%).
Nearly four in five (77%) plan to drive their current vehicle for 50,000 (or more) miles than they drove their previous vehicle. Less than 12% said they will keep their current vehicle for fewer miles than their previous vehicle.
Car Owners Opting to Repair and Maintain in Tough Economy
Fifty-four percent of respondents reported spending $500 or more on yearly repairs to their vehicle, with 21% reporting that they spend $1,000 or more. Forty-four percent report that tight budgets are driving them to either pay more attention to maintenance and repairs or do the repairs themselves. When asked for the number one reason for holding onto their vehicle for 100,000 miles or more, one-quarter stated that "in this economy, I simply can't afford not to" and nearly thirty percent indicated that being vigilant with repairs and service should keep it in good running condition.
"Not only are consumers holding onto their vehicles for years longer but, more significantly, for miles longer, opting to repair and maintain rather than purchasing new," said AutoMD President Shane Evangelist. "We estimate that these car owners will be spending at least an additional $2,500 on repairs over the intended life of their vehicle –and it is critical that they have accurate, unbiased information and tools to make the best possible repair decisions when spending those precious dollars. We launched AutoMD™ to do just this: empower car owners with free information on the best and most affordable options for repairing their vehicle in these tough economic times."
