The average price of a new car loan recently hit a record of $31,455 so it comes as little surprise that some buyers are deciding to hold onto their existing vehicle a little bit longer.
According to a study conducted by iSeeCars, the average new car buyer holds onto their vehicle for a little less than seven and a half years. However, there are a handful of models that consumers hang onto for significantly longer.
Leading the pack is the Ford Expedition which is typically kept for nine years. iSeeCars CEO Phong Ly suggested large crossovers and SUVs, such as the Expedition, tend to be family haulers that people hold onto until they’re no longer needed. This is sounds reasonable enough as families might purchase a large SUV when their children are teenagers and then sell them once they move out about a decade later.
The second car on the list was the Chevrolet Corvette. Owners also tend to keep the model for nine years, but for very different reasons. Since the Corvette is a sports car, it’s typically a ‘second’ vehicle that isn’t driven often and isn’t a priority to replace.
The next three models all come from Toyota and they are the Sequoia (8.9 years), 4Runner (8.8 years) and Avalon (8.6 years). They were closely followed by the Ford Explorer (8.4 years), Chevrolet Suburban (8.4 years), Honda Accord (8.3 years), Ford Taurus (8.3 years) and Honda Odyssey (8.3 years). While the Odyssey was the only minivan to make the list, owners likely hold onto them for the same reasons that people stick with crossovers and SUVs.
While no trucks broke into the top ten list, most owners hold onto their pickups for between seven and eight years. Ford F-150 owners typically ditch their truck after 7.2 years, but that isn’t much shorter than the Toyota Tacoma which owners usually keep for 7.8 years.