New cars are getting increasingly expensive. But they're also more durable than before, which means drivers have a better chance of getting their money's worth. Show
As the average transaction price for new cars reached an estimated $45,872 in November — the highest on record, according to a joint forecast from J.D. Power and LMC Automotive — the average age of cars on the road also hit an all-time high of 12.2 years in 2022, a separate report by IHS Markit found. The average age had been just over 11 years a decade ago. In 2002, it was 9.6 years. Advancements in everything from materials to technology have helped, according to Will Kaufman, news editor at Edmunds, "and it doesn't hurt that today's vehicles have better ways to alert owners when there are maintenance issues." 10 cars with the greatest potential lifespanAmong the models with the greatest potential lifespan, Toyota Sequoia topped the list, with the ability to travel nearly 300,000 miles, followed by the Land Cruiser, according to a recent iSeeCars study, which analyzed more than 2 million cars over the past 20 years to see which vehicles could last the longest. Overall, SUVs and trucks are the most common vehicle types to rank in the top 10, while more fuel-efficient passenger cars, including the Prius and Avalon, earned two spots on the list. "Shoppers really, really value reliability, and automakers are definitely sensitive to how big an impact a reputation for reliability — or unreliability — can have on their brand," Kaufman said. Six of the top 10 were Toyota SUVs, trucks or cars. Other contenders in the top five include the Chevrolet Suburban and GMC Yukon, both three-row SUVs. Every car and truck on the list can reach nearly a quarter-million miles or more, the report found. More from Personal Finance: Car deals are hard to come by These 10 used cars have held their value the most Interest rate hikes have made financing a car pricier As a general rule of thumb, most drivers consider the 200,000-mile mark the upper limit of a car's lifespan, although some models clearly have the potential to travel much farther. A limited supply of new cars and trucks due to the ongoing chip shortage has pushed consumers to use their existing vehicles for longer, according to IHS Markit, which tracks vehicle registrations in every state. At the same time, millions of people who previously commuted to their jobs put fewer miles on their cars while they worked from home, further extending the life of their vehicles. Have you ever wondered how long to keep a car? While the average new car is kept for 8.4 years, there are owners who get rid of their cars sooner to keep up with the latest technology and safety features, and others who prefer to keep their vehicles for the long haul. Regardless of what category a consumer falls into, choosing a car that owners tend to hold onto can help ensure that they will have a reliable vehicle that will suit their needs for as long they choose to keep it. The new cars with the longest average age of ownership are mostly sports cars or SUVs, according to a new study by car search engine iSeeCars.com. Sports cars account for five of the top 10 new cars that owners keep the longest, followed by SUVs, which have four models on the list. The automotive research firm, iSeeCars.com, analyzed more than 5 million vehicles sold by their original owners to identify which cars are kept the longest. The average length of car ownership for the top 10 models ranges from 9.7 to 11.4 years – or 14.9 percent to 35 percent longer than the overall average of 8.4 years. "While the average new car buyer holds onto their car for 8.4 years, there is a wide variety of cars that owners are more likely to keep longer,” said iSeeCars CEO Phong Ly. “Sports cars typically aren’t daily drivers and don’t accrue high mileage as a result, so it takes them longer to show signs of wear and tear.” How Long Do People Keep Cars?iSeeCars analyzed the average length of car ownership to determine how long people keep their cars. The analysis found that the car owners keep the longest is the Toyota Land Cruiser, which is kept for 11.4 years on average. The average car age for how long all vehicles are kept is 8.4 years. Here are the top 10 cars that owners keep the longest when purchased new:
Earning the distinction as the new car that owners keep the longest is the Toyota Land Cruiser, which is kept for an average of 11.4 years before being sold. “The current generation of the iconic Toyota Land Cruiser dates back to 2008, and has only had a mild refresh in 2016,” said Ly. “Along with being a reliable and capable off-road SUV that lasts a long time, owners may opt to keep their older models because they don’t look dated.” Two additional truck-based Toyota SUVs make the list including the seventh-ranked 4Runner and the ninth-ranked Sequoia. “Toyotas are known for their reliability and longevity, so owners may choose to keep them on the road because they are still running well and don’t require expensive repairs,” said Ly. “These vehicles also tend to be family vehicles with standard or optional third-row seating, so parents are likely to keep them until they no longer require a large vehicle.” The lone American SUV, the full-size Ford Expedition, makes the list in fifth place and is also a popular family hauler. Sports cars are the most represented vehicle segment on the list with five models. They include the second-ranked Corvette, the third-ranked Mercedes-Benz SL-Class, the fourth-ranked Audi TT, the sixth-ranked Ford Mustang, and the eighth-ranked Porsche 911. “Because sports cars aren’t typically used as primary vehicles, owners likely aren’t as concerned with having the latest and greatest technology and safety features,” said Ly. “With the exception of the Porsche 911, which is the coupe bodystyle, the sports cars on the list are the convertible versions. Convertibles are the least-driven vehicle segment and accrue 60% less mileage than the average vehicle.” Standing out as the only sedan on the list is the tenth-ranked Toyota Avalon. “The Toyota Avalon is a spacious sedan that offers ample cargo room that is consistently at the top of its class for vehicle rankings, “ said Ly. “It’s a reliable alternative for those who want a comfortable vehicle but don’t require the cargo space of an SUV or a minivan.” Average Length of Car Ownership: America’s Most Popular VehiclesiSeeCars examined how long owners hold onto the nation’s most popular cars after purchasing them new. The average length of ownership for these new cars before getting resold ranges from 6.8 to 9.6 years and none of the popular cars rank on the overall top 10 list. Here is how long owners keep the most popular cars: Download Table “When looking at the set of popular cars that owners keep longer than average, Toyota has the most models represented with five,” said Ly. “The enduring popularity of these vehicles and the amount of time owners hold onto them helps solidify Toyota’s reputation for making enduring and reliable vehicles.” One vehicle that stands out on the list is the bottom-ranked Nissan Rogue, which owners keep for 6.8 years after purchasing the vehicle new. “The compact Rogue has consistently earned good marks for safety and reliability, and its short length of ownership could be because owners opt to trade them in for larger SUVs to accommodate a growing family,” said Ly. How Long Do People Keep SUVs?On average, new SUVs are kept for 8.3 years. When examining the SUV segment to see which are kept the longest, full-size models edge out midsize models by a margin of six to four. The Toyota Land Cruiser is the longest-kept SUV. Here are the new SUVs that are kept the longest. Download Table Joining the three full-size SUVs from the overall list are three American models: the seventh-ranked Chevrolet Suburban, the ninth-ranked Lincoln Navigator, and the tenth-ranked Chevrolet Tahoe. “The Chevrolet Suburban and the Chevrolet Tahoe are similar cars, with the main difference being the extended length of the Suburban,” said Ly. “The Lincoln Navigator is the luxury version of the second-ranked Ford Expedition. These full-size SUVs are popular family haulers and are expensive to replace, so owners have the added incentive of keeping them on the road for a longer period of time.” Along with the Toyota 4Runner, three additional midsize SUVs are the longest-kept new vehicles in the segment including the fifth-ranked Ford Explorer, the sixth-ranked Dodge Durango, and the eighth-ranked Nissan Pathfinder. “These vehicles each have available third rows and ample cargo room, which make them attractive options for family vehicles that are more practical than their full-size counterparts,” said Ly. Average Length of Car Ownership: Passenger CarsiSeeCars further analyzed the list to determine the passenger cars (which include sedans, hatchbacks, and wagons) that owners hold onto for the longest time after purchasing them new. The longest-kept passenger car is the Toyota Avalon, which has an average length of car ownership of 9.7 years. Download Table Two additional Toyotas make the list to join the top-ranked Avalon including the third-ranked Camry and the ninth-ranked Corolla. “The Toyota Camry and the Toyota Corolla are popular sedans with a reputation for dependability,” said Ly. “These vehicles are also commonly passed down from parents to children, which can extend their length of ownership.” Three luxury vehicles make the list including the second-ranked BMW 3 Series, the sixth-ranked Mercedes-Benz E-Class and the tenth-ranked Mercedes-Benz S-Class. “The compact BMW 3 Series is often a car buyer’s entry into luxury car ownership, so buyers might splurge on purchasing and keep it running as long as possible,” said Ly. “Meanwhile, the midsize Mercedes-Benz E-Class and full-size S-Class super luxury cars are more expensive and opulent so buyers might choose to hold onto them because of their performance and reliability.” Four more non-luxury sedans round out the list including the fourth-ranked Honda Accord, the fifth-ranked Ford Taurus, the seventh-ranked Nissan Maxima, and the eighth-ranked Honda Civic. “These sedans earn praise for their reliability and affordability, which make them good options for those who want a practical long-lasting vehicle,” said Ly. How Long Do People Keep Trucks?iSeeCars looked at the pickup truck segment to determine how long people keep their trucks, and which are kept the longest. The longest-kept pickup truck is the Nissan Frontier, which is kept for an average of 9.1 years. As a vehicle segment, pickup trucks are kept longer than the overall average – 8.7 years versus 8.4 years. There is little variance across the segment, which ranges from 8.5 years to 9.1 years of ownership. Download Table "Known for their durability, pickup trucks are often used as work vehicles,” said Ly. “Pickup truck drivers are likely to place more value on function and reliability rather than keeping up with modern design and technology trends, so owners are more likely to hold onto them.” The light-duty pickup truck that owners keep the longest is the Nissan Frontier, which is kept on average for 9.1 years. “The Nissan Frontier is billed as ‘America’s most affordable pickup truck,’ which means that it could attract practical buyers who want to keep it on the road for as long as possible,” said Ly. Longest-Kept Car BrandsiSeeCars also examined the data to determine the longest-kept new cars on the brand level. The three longest-kept car brands are Toyota, Honda, and Mercedes-Benz. "It's no surprise that Toyota and Honda account for the top two spots on the list as Hondas and Toyotas are known for their reliability," said Ly. Longest-Kept Cars By CityiSeeCars further analyzed the data to determine the longest-kept new cars in the country's 20 largest metropolitan areas. Similar to national data, the longest-kept new car across the most metro areas is the Toyota Land Cruiser, which earned the distinction in 17 of the 20 largest markets. “If a vehicle is consistently kept longer than average, it suggests that it is reliable and that its owners enjoy driving it,” said Ly. “Whether you want a large hauler, a practical sedan, or a flashy sports car, there is a vehicle to suit your needs that will stand the test of time.” Methodology iSeeCars.com analyzed more than 5 million 5-year-old or older used cars sold by their original owners between Jan. 1, 2014 and Dec. 31, 2018. Models which were owned for less than 5 years were excluded from the analysis, to eliminate the effect of short lease terms on the data. Models that were in production for less than 9 of the 10 most recent model years (2010 to 2019), heavy-duty trucks and vans, and models no longer in production as of the 2019 or 2020 model years were also removed from further analysis. The average age of each vehicle, defined as nameplate + bodystyle, was mathematically modeled using the ages of cars when they were first listed for sale. About iSeeCars.com iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings. iSeeCars has saved users over $410 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars. What car brand has the longest lifespan?Longest-lasting cars. Toyota Avalon, 33.1%. Honda Accord, 27.1%. Toyota Camry, 20.4%. Toyota Matrix, 16.7%. Subaru Legacy, 16.2%. Lexus GS 300, 15.9%. Acura RL, 14.9%. Honda Civic, 14.7%. What is the longest lasting most reliable car?10 of the Longest Lasting Cars on the Road. 2023 Toyota Corolla. The Toyota Corolla is a compact car that's globally renowned for lasting a long time. ... . 2023 Honda Civic. ... . 2023 Subaru Legacy. ... . 2023 Hyundai Sonata. ... . 2023 Toyota Camry. ... . 2023 Honda Accord. ... . 2023 Toyota Prius. ... . 2023 Mazda MX-5 Miata.. What is the longest lasting car in Australia?The award for most durable vehicle was the Honda Ridgeline pick-up with an average of 392,000km. Four Toyotas were next; followed by the Honda Pilot and Honda's Acura MDX. They averaged between 385,000km and 355,000km. One surprise was the short lives of sports cars, three of which are sold in Australia. What car brand do people keep the longest?1. Toyota Prius. While iSeeCars found the average for all vehicles was 6.1%, the car that people keep the longest is the Toyota Prius, with 13.7% of cars — 2.2 times the average rate — that were 15 years or older kept by their original owners. |
