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The average of all durable U.S. consumer goods is now nearly at 4.5 years. That's up from less...

The 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.
Comments (4)
  • cash
    , contributor
    Comments (466) | Send Message
     
    >>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.

     

    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?
    28 Dec 2012, 05:52 PM Reply Like
  • davidbdc
    , contributor
    Comments (3165) | Send Message
     
    My thoughts exactly. IN an era of 100K mileage warranties there is no reason to keep buying a new car every three years.

     

    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.
    28 Dec 2012, 05:57 PM Reply Like
  • WMARKW
    , contributor
    Comments (10466) | Send Message
     
    My Lexus (2004) is running just fine. And I have no intention of looking for new wheels. I did have to replace 20 year old furnaces. AC units will be next, but furnaces and AC's are somewhat non-discretionary.

     

    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.
    28 Dec 2012, 06:00 PM Reply Like
  • frosty
    , contributor
    Comments (702) | Send Message
     
    On the other hand, there are so many leasing deals with 36 (or so) months terms that 3 year turnover has a built in base. I wonder what the average car age is for OWNERS of cars?
    29 Dec 2012, 08:40 AM Reply Like
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