Consumers who buy new cars are holding onto those new cars longer than ever before. The average length of ownership is now seven years and nine months. That’s up 3 months compared to early 2012. Dodge and Buick currently have the longest ownership periods at an average of 113 months each.
But not everyone is happy with their new ride. According to a report from iseecars.com, 2.7 percent of new cars are sold on the used car market after only a single year of ownership. The study analyzed 5 million new cars sold between September 2013 and March 2014, then checked back a year later to see which models were already on the used market. In the video below, Dave Erickson shares the results on which seven models stood out from the group.
According to market analysis conducted by Experian Automotive, Ford has the largest percent of brand retention at an average 61 percent. Other loyalty leaders include Subaru (59.4 percent), Toyota (58.9 percent), Kia (58.5 percent) and Lexus (55.8 percent). Dodge and Buick currently have the longest ownership periods at an average 113 months each, Chevrolet and Ford each show 110 months and Mitsubishi at 109 months rounding out the top five makes in that regard.
iSeeCars.com analyzed almost 5 million new 2014 model year cars sold between September 1, 2013 and March 31, 2014, and more than 140 thousand used cars from the same model year sold a year later, between September 1, 2014 and March 31, 2014, with 10,000 to 15,000 miles. Fleet vehicles were excluded from analysis. The number of used cars was divided by the number of new cars for each model to calculate the proportion of new cars sold after one year of ownership. The overall average proportion was then calculated across all models, and the individual proportions were expressed as a multiple of this average. Models with sales greater than 2.5 times the overall average were selected for inclusion on the final list. – See more at: http://blog.iseecars.com/2015/06/01/7-new-cars-buyers-cant-wait-to-get-rid-of/#sthash.b5F9kDTb.dpuf
Wanna support the production of our weekly videos! Sure ya do! We’d appreciate it.