{"id":611,"date":"2023-05-30T15:32:02","date_gmt":"2023-05-30T15:32:02","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=611"},"modified":"2025-05-05T10:24:47","modified_gmt":"2025-05-05T10:24:47","slug":"study-increasing-number-of-motorists-fixing-older-cars-instead-of-buying-new-ones","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2023\/05\/30\/study-increasing-number-of-motorists-fixing-older-cars-instead-of-buying-new-ones\/","title":{"rendered":"Study: Increasing Number of Motorists Fixing Older Cars Instead of Buying New Ones"},"content":{"rendered":"\n
\"Fixing
The study indicates that the current average age of an automobile on the road is 12.5 years old, and that numerous financial issues currently plaguing the country will most likely contribute to that advanced age range sticking around.\u00a0File photo: GuruXOX, Shutter Stock, licensed.<\/figcaption><\/figure>\n\n\n\n

FORT LAUDERDALE, FL\u00a0 – A recent trend that is likely to grow in scope and stick around for quite some time, according to a new study released this week by S&P Global Mobility<\/a>, involves a steadily growing number of motorists who are sinking larger and larger amounts of cash into fixing their older cars as opposed to purchasing new ones\u00a0<\/p>\n\n\n\n

The study indicates that the current average age of an automobile on the road is 12.5 years old, and that numerous financial issues currently plaguing the country will most likely contribute to that advanced age range sticking around \u2013 or even increasing \u2013 for the foreseeable future. <\/p>\n\n\n\n

\n

It\u2019s one of the fastest increases we\u2019ve seen since the Great Recession in 2008, 2009 timeframe,\u201d said Todd Campau with S&P Global Mobility. \u201cThe consuming public is just realizing that not only are we in a situation where we need to keep our vehicles on the road longer, but they are actually surviving OK. They\u2019re still usable. They\u2019re still safe.”\u00a0<\/em><\/p>\n<\/blockquote>\n\n\n\n

This phenomenon began during the COVID-19 pandemic as global supply chain issues contributed to the cost of both new and used cars skyrocketing significantly; as a result, more and more car owners are attempting to squeeze as much life out of their current rides as possible. Record-high inflation is also driving consumers to pinch pennies whenever they can, according to the study. <\/p>\n\n\n\n

Owners of repair shops seem to concur with S&P\u2019s findings. For example, Juan Manuel Salazar, owner of 911 Auto Mobile Repair in San Antonio, Texas, said that he’s noticed a recent change regarding the lengths that car owners will go to to keep their current set of wheels in working condition. <\/p>\n\n\n\n

\n

Before, they used to say, \u2018It\u2019s too much money to put into this car. It\u2019s pretty old, so I want to trade it in for a new one.\u2019 But lately, it\u2019s the other way around,\u201d Salazar said, noting that the best way to keep your vehicle in running shape is to invest in routine maintenance.\u00a0<\/em><\/p>\n<\/blockquote>\n\n\n\n

\n

Treat it like a baby. It\u2019ll last longer,\u201d Salazar said.\u00a0<\/em><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

FORT LAUDERDALE, FL\u00a0 – A recent trend that is likely to grow in scope and stick around for quite some time, according to a new study released this week by S&P Global Mobility, involves a steadily growing number of motorists who are sinking larger and larger amounts of cash into fixing their older cars as […]<\/p>\n","protected":false},"author":4,"featured_media":612,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-611","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n