Consumers Keep Cars Longer

A new study by DriverSide.com and Kelton Research shows that more than four out of every five US car owners now plan to keep their current car longer, due to the bad economic climate. According to the survey of US vehicle owners aged 18 and over,  82% reported they now intend to keep their car longer than originally planned. The US consumer now faces the reality the car they currently drive will be theirs longer. 2008 new car sales, originally predicted to be over 16 million units, plunged to 13.2 million, according to a January report by CSM Worldwide.

The analyst firm also predicts 2009 new car sales will come in at only 11.5 million units, a 27-year low. This trend is even stronger for low income drivers and families. Nearly nine of out ten households with an income of less than $40,000 and families with kids indicate they will keep their vehicle longer than originally planned.