The Average American Car is Older Than Ever Before
Despite the fact that the average American car is older than ever before, there are still some people who are hanging on to their cars for dear life. These people are unsure of what to do when they want to sell their car. They aren’t sure how to go about figuring out how much to sell it for.
More people are hanging onto their cars
Despite the recession, more people in America are hanging onto their cars longer than they used to. According to a recent study, the average car age has risen for the fifth straight year.
While the sluggish economy has turned the automotive world upside down, the auto industry has done a good job of providing long-lasting, high quality vehicles. However, consumers are beginning to think twice about what they are driving. This is because new cars may not be enough to draw in buyers. In fact, many buyers no longer qualify for the luxury models they had been used to. Buying a small, inexpensive car offers more value for the dollar.
The study shows that owners are hanging onto their vehicles for a variety of reasons. The most popular is personal attachment. A survey conducted by eBay Motors found that car owners often name their cars, and that more than 25% of older vehicle owners name their cars. The eBay executives said the trend is a result of the personal attachment that car owners have for their vehicles.
COVID-19 has caused more people to hang onto their cars
During the spring of this year, there was a lot of talk about the coronavirus, a disease that was sweeping the nation like a disease. The problem was, it was not all fun and games. The CDC estimated that around ten million Americans have been affected, and more are at risk. Although it’s unclear whether or not the coronavirus will wipe out the entire auto industry, it does have the potential to impact the bottom line. This is why automakers are paying close attention to the health of their fleets.
A number of car manufacturers are testing the waters with COVID-19-related models, including the Ford Mustang Mach-E, Lincoln MKX and GMC Sierra Denali. The most important thing to know about COVID-19 is that it is still circulating, and it hasn’t fully slowed down. In fact, it’s been reported that the average time a typical car is on the road is down to 97 percent, down from a high of 98 percent in the early 2000s.
Longer car loan terms may be sound advice
Increasingly, car loans come with a length of 60 months or longer. But the interest rate on such a loan is higher than that of a shorter-term auto loan. This means that you are putting thousands more dollars into your loan. Fortunately, there are ways to avoid being overcharged on your car loan.
Among the best things you can do is choose a short-term loan. This will save you a lot of money in the long run. For example, if you borrow $100,000 for a 36-month loan, you will pay less than if you borrowed the same amount for a 48-month loan.
Another advantage of a short-term loan is that you can make the minimum monthly payments. With a longer-term loan, you will owe more than your car is worth, and you will never have any equity until you’ve reached the final payments.
The best way to choose a loan is to weigh your preferences and your budget. If you’re in the market for a new car, it’s probably a good idea to go with a loan of at least 48 months.
More people are driving electric vehicles
Increasing awareness about electric vehicles, lower gasoline prices, and improvements in charging infrastructure are all driving more people to consider buying an EV. These vehicles are more environmentally friendly and cost effective to operate than gasoline cars, but there are still some barriers to owning an EV.
One of the main barriers to EV ownership is the expense of charging. The battery will need to be charged and the average American home uses 30 kilowatt-hours of electricity to run 100 miles. Compared to filling a gas tank, it can take up to three to twelve hours to fully charge an EV. That’s why most manufacturers install battery kill switches in locations that are easily accessible.
Almost half of Americans are unaware of federal incentives for purchasing an EV. These include tax rebates and other financial incentives that can help defray the costs of a new EV. Some states have also begun to offer incentives for EV purchases.