Study: Which Car Models Do Owners Keep for 10 Years or More?
A few billion years from now the sun will swell up, engulf the Earth with its plasmatic mass, and the only evidence of our existence will be a handful of fully operational Japanese cars from the late 1990s.
You probably don’t even need model names, as you’re already imagining them cruising down the street or parked in a neighbor’s driveway. They’re bland, extremely common cars in perplexingly good condition because someone continues to love them.
Now, a new study has shown which car models owners tend to hold on to for longer than ten years. Researchers from iSeeCars.com analyzed over 2.5 million vehicles from the 1981-2006 model years sold in 2016. Ten models were over 1.9 times more likely than average to be held onto by the original owner for better than ten years. While I’m positive you could correctly guess the automakers behind those vehicles, I’m unsure whether you could do the same with the model names.
The list includes four brand names you might have expected: Toyota, Lexus, Honda, and Subaru. The percentage of initial owners who kept their new car for more than a decade ranged between 4.0 percent and 32.1 percent.
“The top ten cars that people hold onto are all from Japanese automakers, which isn’t surprising since they have a reputation for reliability. But the makeup of the cars is unexpected,” said Phong Ly, CEO of iSeeCars, in reference to the SUVs and minivans. “These kinds of cars tend to be used as family cars, so they might be expected to be kept for many years if they’re bought just as their owners start their new families.”
Seeing hybrids on the list is also a little surprising, especially considering early concerns about the longevity of batteries. However, the cost benefits of enhanced economy doesn’t begin to take shape until an owner has racked up many miles on the odometer. “For hybrids, the savings from fuel costs accrue only after several years of ownership, so one reason owners may be keeping these vehicles is to offset the higher cost of a hybrid,” Ly said.
Missing from the list were some of North America’s most popular vehicles. Of those, the Toyota Camry and Honda Accord stayed with the most owners the longest. The Honda Civic was, unsurprisingly, also above the national average, while Chevrolet’s Silverado 1500 was the only domestic vehicle to do so.
The percentage of initial owners of the other two popular pickups trucks were closer to — or just below — average. This could potentially be attributed to their common role as working vehicles, subjecting them to more abuse in their lifetime. However, it doesn’t explain the Silverado’s slightly superior staying power.
At the bottom of the list was a sea of commonly leased autos and domestic cars popular with fleets. Obviously, these markets don’t have much use for a decade-old vehicle and would have seen those cars change hands at least once already. The Ford Taurus only saw 5.6 percent if its ownership sticking around for the full ten years, while the frequently leased BMW 7 Series topped out at 4 percent.
Japanese brands take up the largest share of cars that owners hold onto for a decade or longer, with Korea trailing behind. GMC was the only American brand to make the top ten, though the percentage of original buyers keeping them was only slightly above average.
[Image: Manoj Prasad/ Flickr ( CC BY-SA 2.0)]
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- Jeff S I don't believe gm will die but that it will continue to shrink in product and market share and it will probably be acquired by a foreign manufacturer. I doubt gm lacks funds as it did in 2008 and that they have more than enough cash at hand but gm will not expand as it did in the past and the emphasis is more on profitability and cutting costs to the bone. Making gm a more attractive takeover target and cut costs at the expense of more desirable and reliable products. At the time of Farago's article I was in favor of the Government bailout more to save jobs and suppliers but today I would not be in favor of the bailout. My opinions on gm have changed since 2008 and 2009 and now I really don't care if gm survives or not.
- Kwik_Shift I was a GM fan boy until it ended in 2013 when I traded in my Avalanche to go over to Nissan.
- Stuart de Baker I didn't bother to read this article. I'll wait until a definitive headline comes out, and I'll be surprised if Tesla actually produces the Cybertruck. It certainly looks impractical for both snowy and hot sunny weather.
- Stuart de Baker This is very interesting information. I was in no danger of buying a Tesla. I love my '08 Civic (stick), and it feels just as responsive as when I bought it 11 years ago with 35k on the clock (now 151k), and barring mishaps, I plan to keep it for the next 25 years or so, which would put me into my mid-90s, assuming I live that long. On your information, I will avoid renting Teslas.
- RHD The only people who would buy this would be those convinced by a website that they are great, and order one sight-unseen. They would have to have be completely out of touch with every form of media for the last year. There might actually be a few of these people, but not very many. They would also have to be completely ignorant of the Hyundai Excel. (Vinfast seems to make the original Excel look like a Camry in comparison.)
I find the statistics interesting. I wonder what the mix would be here in Australia. Probably Ford/Holden/Toyota/Mazda would make up a decent amount, and so would Mitsubishi as well. A lot of 10+ year old cars seem to come from those 5 brands, which makes sense, seeing as those brands were at the top of the sales charts back then. But for long-term owners, I'm really not sure at all. Probably those 5 aforementioned brands would appear somewhere... At my place, the cars are 3 and 20.5 years old. The 3 year old is a 2014 Prius V. Not sporty or fast but it's practical for what it is and it's relatively fuel efficient. It's an unremarkable car but it works I suppose. It's got 45k (72k km). The 20.5 year old is a 1996 Corolla. The combo of 1.6 4A-FE saddled to a 4-Speed A240 Automatic is never going to win stoplight races but it gets from A to B with a minimum of fuss. It has had regular maintenance throughout it's lifetime but there's a few items needing replacement soon (Engine Mounts). It's not maintenance-free as such, but we just don't see the need for a new car and the cost to keep running isn't yet exorbitant so until it does, it'll stay. Plus it's not worth much anyway. Has 73k (117k km). Both were bought new from dealer.
Regular maintenance is a major key to keeping any vehicle a long long time. Most vehicles can last a lot longer than 10 years, but like anything if you abuse them and neglect them then you will not get as many years. There are so many stories on the internet of people who have kept vehicles 20 or more years and quite a few vehicles with 500k to 1 million original miles and these are not just Toyotas and Hondas but GMs, Chryslers, Fords, Mercedes, Volvos, and many other brands. Many of these vehicles have lasted just by doing the routine maintenance that is listed in the owner's manual. If you can resist the temptation to get a new vehicle every 2 to 3 years and stick to a routine maintenance schedule you can have many years of low cost debt free ownership.