According to a research by Polk carried out in 2013 the average age of vehicles which is 11.4 years is continuously growing. Today new cars are kept for at least 6 years (in comparison to 2003 which was 4 years) before it is handed over to a new owner.
The option to finance used vehicles becoming more of an easy process combined with the public perception that loans for new vehicles remain tight, has fueled a spike in used-car sales. As a result of nowadays longer life expectancy of a car it has had at the end up to 6 different owners. Back in the 60s the average driven kilometers of a car counted 160 000km, whereas nowadays car can easily be driven up to 320 000 – 480 000km.
All figures listed are listed below:
|Miles per car||Year 1960: 160 000km||320 000 – 480 000km|
|Average age of a car||Year 2002: 9.8 years||11,4 years|
|Average ownership of a car||Year 2002: 4 years||6 years|
|Number of owners
of a used car
|1-3 owners||1-6 owners|
According to Capgemini in 2012 94% (in comparison to 2002 which was 20%) of European car shoppers started their car buying process with online research. There is a huge shift within the consumer buying cycle away from offline purchases at a dealer’s showroom towards taking advantage of e-commerce. This trend, however, will not only take place in the US and in Europe, but will surely spill over to emerging markets in the upcoming years due to the increasing global internet penetration rate.
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