Exact Answer: Up to 7 years
Owning a new car seems to be very exciting. With it, comes so many other expenses such as maintenance, insurances, fuels, and much more. But soon after, the car starts to age, or maybe, many of its parts don’t work and the shine is also lost…
And then comes the time, when the owner has to question himself, whether to keep the car or not. Some might decide to keep it for a longer period while some may think to get a new one. It solely depends on the owner. Have you ever wondered how long a car is owned by a person on average?
How Long Does the Average Person Own a Car?
The time duration, for which an average person owns a car is roughly 5-7 years. The longevity of a car depends mostly on the owner. Also, the newer technologies and advancements fascinate people so much that they no longer tend to keep the older ones.
Whether to keep the car or not depends entirely on the owner. If the person is financially stable, he would like to go for a car with advanced features instead of the older ones. At the same time, if the owner has emotional attachment with the car, he would want to keep the car for a longer time duration.
On average, a person usually owns a car for 6-7 years. Not more than that. But the time duration does depend on the type of car owned by the person. For instance, sports cars are the major ones that the owners keep the longest. Then comes the SUVs. And the normal cars come then after.
|Car Type||Time Duration|
|Sports Cars||9 years|
|SUVs||Around 7 years|
|Other Cars||5-6 years|
Why does the Average Person Own a Car for this Time Duration?
One already knows that the average person owns a car for about seven years. And these are based on various factors some of which are mentioned below.
Advancements and New Technologies
The present scenario is such that almost every day some new advancements are introduced in cars. Be it the new driving feature or some sort of model design. Changes are quite obvious. And these certain changes fascinate people more than anything else. So, people most probably wish to own a brand-new car instead of the old one.
When the car is new, it works smoothly and seems to be long-lasting. But after a certain time period, the owner has to spend on regular oil changes. Also, keeping an eye on the worn-out parts and getting it changed whenever required. There might be a case that something that is extremely expensive to fix, is worn out and needs to be fixed.
The monthly repair bills, in this case, seem to be more than the monthly payment. In these cases, the owner usually decides to move on and invest in a newer car, instead of fixing the older one.
Automatic emergency braking, forward collision warning, blind-spot monitoring, rear cameras, and many more such safety features.
Who would not want these safety features in their car when a person knows that approx. 1.35 million people are victims of road crashes/accidents. So, this tends to be a major reason why people usually own a car for not more than 7 years.
As mentioned earlier, on average, a person keeps a car for a duration of 6-7 years. But this average might be increased in few years. Cars, nowadays, are made in a way that they last for a longer time period. This is mainly due to-
- Economic Times. Most people can not afford to invest in cars every now and then. Instead, they think of buying a car with maximum features all at once.
- Car loans are for a longer time duration. And it is not a good idea to sell a car before the loan has been paid off.
- Cars are built in a way that they last for a longer time period. Any car that can go somewhere around 200,000 miles or more is usually trending among common folks.