Average age of cars is increasing

The latest annual study by R.L. Polk and Co. confirms that people are holding onto their cars longer. The average age of passenger cars in the U.S. rose from 9.2 years old last year to 9.4 years old this year, according to Polk. This reflects a steady increase in the age of cars since 1999, when the average age was 8.3 years.

In the recent 2009 Car Brand Perceptions Survey, Consumer Reports found that nearly half the respondents have delayed the purchase of a new vehicle, contributing to the increasing ages of the national fleet.

The leading reasons for the delayed purchase include:

• The existing vehicle is still in good shape (39 percent)
• Vehicles have become too expensive (30 percent)
• General concern for the weak economy (30 percent)

This is reflected in the February car sales, with many automakers again citing double-digit year-on-year sales decreases for yet another month. During tough economic times, holding on to your current, reliable model may make the most sense for your household budget. And it appears, many other consumers are doing the same.

—Eric Evarts

If you are in the market yourself, read: "How to buy a car in today's market" and "Car-buying tips for getting the best deal today."