SOUTHFIELD, Mich. -

When a shopper buys a new-vehicle these days, the person will typically keep the car close to six years, according to Polk, which said vehicle ownership periods have never been this high.

In examining vehicle registration data for the third quarter of 2011, Polk found that consumers are now holding on to vehicles they purchased as new for an average of 71.4 months, just shy of six years. They are keeping vehicles bought used for almost 50 months.

When these two groups are averaged together, the vehicle ownership period averages 57 months. This represents a 23-percent hike from the third quarter of 2008, which is when the economic turmoil in the U.S. began.

Polk pointed to a number of causes that have led to consumers keeping cars longer, including their cautious spending amid a soft job market and high unemployment. Additionally, the fact that consumers are often offered longer financing periods has played a role as well.

What’s more, as industry reports indicate, vehicles these days are simply more reliable and longer-lasting. And automakers have often stretched out the warranty period on new cars, giving the consumer more assurance if they choose to extend the ownership period.

Benefits to Aftermarket

While longer ownership periods create a longer purchasing cycle at dealerships, this trend— plus Polk’s finding that average vehicle age has climbed to 10.8 years — creates “promise” in the aftermarket, Polk suggests.

But Polk did offer a bit of caution.

“As the aftermarket prepares to service this aging vehicle population, this creates concerns about appropriate parts inventory,” stated Mark Seng, global aftermarket practice leader at Polk.

“As a result of our analysis, we’re currently working with customers in the aftermarket to help them prepare for increasing demand throughout the entire supply chain,” he continued.

Will These Trends Last?

Looking forward, Polk believes this extended ownership trend isn’t likely to stop any time soon. The firm believes it will be 2015 before the new-car market gets back to the 16-million sales level it saw before tumbling three-and-a-half years ago.

“Unemployment rates continue to be high, and we expect many consumers will suffer from the lingering effects of the downturn, further contributing to longer ownership trends,” Seng noted.

With longer ownership periods, it is paramount to figure out the most ideal time for reaching out to potential buyers, Polk suggested. As the firm has discovered in previous studies, the longer consumers hold on to vehicles, the less likely they are to be loyal to the respective brand.

“Leaders involved in new-vehicle sales may want to consider tracking the length of ownership trend to determine when their customers are likely to come back,” Polk stressed. “A length of ownership analysis at the manufacturer or brand level may provide insight into the return-to-market cycle to stimulate purchase behavior.”