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Home Startups The average lifecycle of a car in 2014

The average lifecycle of a car in 2014

by Sam Wakoba
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carmiduwWorldwide spending in the automobile industry and the rising intensity of global competition has triggered an increase in the average lifecycle of cars.

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:

  Years ago Today
     
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.

car-modi

Stefan Haubold, Co-Founder Carmudi said: “The trend towards second hand vehicles is a global development, which will also continue in the upcoming years. This means the demand for high-quality automotive classified platforms will rise in future as well. At Carmudi we bring buyers and sellers together on a secure and user-friendly online interface that provides the necessary price transparency in order to compare the prices of thousands of vehicles in an easy fashion. With the increasing adoption of online services in all the countries we are currently active in, we expect to see a rapid transition from a more traditional offline market to a thriving online community, benefiting both buyers and sellers.”

 

Carmudi enables customers to easily find or sell their car, motorcycle or commercial vehicle online. At the same time, vehicle dealers and agents gain a trusted online presence through a personalized webpage. Carmudi offers diverse vehicle listings, an intuitive website design and high security standards to avoid fraud.

The business platform operates under a high level of transparency and symmetry through the use of professional photos, updated listings, detailed descriptions, reports and rankings for 100% of its vehicles in each market. Sellers can also use the platform to manage their inventory in a fast, easy and stress-free manner.

 

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