If you lease a vehicle, you may plan to have it for just a couple of years. If you buy one, though, you might plan on having it for a much longer time. That assumes, of course, that the vehicle does well for you and fulfills all of your needs.
You can look into bad credit car loans, Salt Lake City residents, if you don’t have the best credit score but still need a vehicle. As you get your car, though, you may wonder what the average length of time is that someone owns a vehicle in the US. We’ll take a moment to talk about that right now.
Your Circumstances Will Often Dictate How Long You’ll Own a Car
Before we get to the actual number of years the average US citizen owns a car, it’s important to say that if you plan to have yours for a longer or shorter time, then it’s fine. What the rest of the auto market does should not necessarily dictate the choices that you will make in regard to your personal form of conveyance.
If you have very little disposable income, then it makes sense that you will try to hold onto a vehicle for as long as possible. If you’re in a better position financially, then you may be able to afford a brand-new car every few years. There are certainly some perks that go along with that way of doing things.
So, How Long Does the Average US Citizen Own a Vehicle?
As for the actual number of years the average US citizen owns their vehicle before they sell it or trade it in, it’s about eight years. Since that’s a mean average, there are obviously plenty of people who own their cars for longer or shorter times than that. However, that’s the most common answer if you survey a decent number of people who currently own a car.
The Number Keeps Going Up
If you look at previous responses going back several years, you will notice an interesting detail. It seems as though the number of years that the average US resident owns their car keeps going up.
It’s certainly worth speculating about why that is. One reason could be that the average citizen is trying to stretch their time of vehicle ownership to a longer length because they don’t have as much disposable income as they used to.
However, you might also theorize that cars are becoming more dependable and capable of staying on the road longer. If this second theory is true, then that’s good news for consumers. If they can own a car for a longer length of time and still have it be a dependable way of getting around, that makes things a bit easier on their wallets.
It’s worth keeping an eye on this number. It can be a key indicator of where families and individuals are in terms of their finances, which, in the macro sense, shows where the country is headed financially.
