DETROIT — Pamela Davies drives the first car she purchased, although she wants a new one.
With 81,000 miles on her 2001 Toyota RAV4, the stay-at-home mother of two isn’t ready to give it up. Her husband’s 1999 Corolla, with 136,000 miles, is fine too. Both cars are without loans.
“Until one or both of my kids’ knees are squished up around their ears from being crammed in the back seat, or the car stops running, it’s staying with us,” the resident of North Chelmsford, Mass., said.
The recession has pressed the Davies family and many other Americans to rethink their spending. One result: They’re making their old cars last longer.
The average age of vehicles traded in at U.S. car dealerships in February was 6.1 years, according to J.D. Power and Associates. That’s up from 5.6 years a year earlier.
“My car sounds like it’s dying,” said Liz Nelson, a 25-year-old public-relations account executive who’s had a 1996 Acura Integra since 2003. “Every morning when I start my car, I pray that it will get me to the train station so I can make it to work,” the Santa Clara, Calif., resident said.
Rebates and financing offers could provide an incredible deal on her dream car, but the economy is giving her second thoughts.
Keeping older cars longer is a trend that’s expected to contribute to another month of depressed auto sales when carmakers report their March results Wednesday.
Consumers now see vehicles as long-term investments, said Trevor Traina, founder and chairman of . Many automakers have stopped offering leases, which allowed people to drive a new vehicle for $200 or $300 a month and repeat the cycle every few years. People are taking better care of their old wheels instead.
“We’re holding on until the bitter end,” Davies, 31, said of her cars.
Attitudes like that are one reason auto-parts stores such as AutoZone Inc. have seen rising sales and why the new-car market is in the tank.
“The desire to own a car for two to three years is dead,” Traina said. “It’s like people have woken up from some kind of consumer dream of flipping a car the way you change clothes.”
Deutsche Bank Securities analyst Rod Lache estimates U.S. auto sales for March will decline 43 percent from a year ago.
