Market Currents
The average of all durable U.S. consumer goods is now nearly at 4.5 years. That's up from less...
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Friday, December 28, 2012, 5:48 PM ETThe average of all durable U.S. consumer goods is now nearly at 4.5 years. That's up from less than 4 years before the financial crisis, and could fuel a pickup in consumer spending ... assuming the age increase doesn't reflect a "new normal" in a time of high unemployment and stagnating real wage growth. The average age of cars on the road is now above 4 years, compared with 3.5 years around 2000 and less than 3 years in the '80s.
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This news story has 4 comments:
That is a shame. Why do people need a new car over 3 or 4 years? Most cars now-a-days last much, much longer and do quite well without expensive repairs. And people complain about not having money for retirement?
Less buying of stuff that we already have would lead to less consumer debt, more investing and ultimately more financial security for the average American.
If my sentiments are representative of the "new normal" it's make do with what you have for a while and see how things go.