America’s relationship with cars has changed dramatically over the last decade. This February, Elon Musk sent the first car in world’s history to outer space. Car experts such as sjnautomotive.com do not see this trend slowing down soon.
To understand the evolving dynamics, here are car ownership facts you need to know.
1. Cars enjoy a longer lifespan.
Back in the 1970s, the vehicles had an average shelf life of 100,000 miles. By 2015, the models were breaking records. Many of them have been around for more than a decade. In fact, some cars can run for over 200,000 miles.
Many factors contribute to the longevity of vehicles within the past few years. These include innovation, with focus on safety and durability, and better driving education. Governments are also spending more money on road infrastructure.
2. More people are also buying cars.
Even if vehicles now last longer, more are still investing in them. In 2016, the number of cars and trucks sold reached 17.6 million. It was only slightly higher than the previous year, but it was higher than in 2011.
When it comes to car ownership among the millennials, the relationship is complicated. Studies suggest they are less likely to own cars than the previous generation. But when compared to the younger group, the millennials have a higher chance of buying a vehicle.
3. The cost of car ownership is already more than $8,500.
American Automobile Association (AAA) revealed in 2017 that the ownership cost is $8,500. It may sound like a lot of money, but it’s slightly lower than in 2016. Back then, the spending was at a six-year low.
The biggest share still goes to depreciation. On the average, vehicles can lose $15,000 of their value within the next five years. Maintenance eats about $1,200 per year. It still costs a thousand, but the incentives are many. It can help reduce the depreciation value and increase the vehicle’s lifespan.
New cars mean new trends. Experts foresee more people driving electric vehicles. There may also be a growing demand for autonomous cars. In other words, nothing is set in stone as far as car ownership is concerned. But for now, these data should convince these days are better.