Here at Jalopnik, we know there’s nothing wrong with that keeping a beloved old racket running Kilometer after kilometer, and we celebrate regularly High mileage heroes. Now it turns out the rest of America is adopting this savings mindset hold on to an old car longer Start ascending.
Drivers across the country are sticking with their cars longer than ever before, with more and more drivers putting more than 100,000 miles on their cars, it is claimed a new report from the Wall Street Journal. The trend comes as drivers realize the savings they can make by simply not replacing their car every five years. As the website explains:
Jeremy Morris is used to his friends making fun of the Toyota Tacoma he’s driven for 24 years. He still insists it was one of the best money decisions of his life.
The 45-year-old financial advisor from Coeur d’Alene, Idaho, estimates he saved more than $100,000 by never replacing the pickup. His rough estimate takes into account what he would have spent on a new car every five years, minus the roughly $20,000 he paid in repairs and maintenance over 300,000 miles.
The decision to hold on to cars longer isn’t just one are made by Toyota owners and strange vintage car fans. In fact, the average age of a car on U.S. roads has now risen to 12.5 years, after rising for six years in a row, the reports WSJ. In fact, cars older than 10 years now make up more than 40 percent of the cars on America’s roads.
Furthermore, people are silent Driving as they get olderand that WSJ spoke with a mechanic who reported that more and more cars were getting more than six-figure miles. As the post adds:
Tom Piippo once hung pictures of customers and their vehicles on the wall of his workshop in Rudyard, Michigan, after the odometer reached 200,000 miles. The tradition stopped years ago after the milestone became commonplace.
“I ran out of wall,” said Piippo, whose Tri-County Motors regularly sees vehicles in the 200K club.
But why the sudden desire to keep our cars longer? It all boils down to the rising cost of repairs higher insurance premiums for newer vehiclesaccording to the WSJ. What was once a simple repair on older models may now require sensor replacements, new screens, and all sorts of electronics repairs that can cause the bill at your local store to get higher and higher.
Additionally, as The average new car price is rising in the USAThis also applies to the term of car loan agreements. This means that people keep their cars fresh from the gas station for six, seven or even eight years. Combine that with sky-high dealer markups Some today demand money for a new car. Is it any wonder that people drive until their wheels fall off?