Infiniti Research determined owners who purchased a used vehicle are not keeping them as long as they did just five years ago.
According to new information Infiniti Research recently shared, used-vehicle owners previously kept their unit for at least seven years based on information uncovered in 2012. Now, that ownership length has decreased to four years.
“Cars are no longer seen just as a means of transport; rather they are now a status symbol. This explains how frequently the cars are being bought and sold,” Infiniti Research’s automotive analysts said.
These analysts believe that by 2021, car ownership length will drop to three years.
“This decreasing ownership has rather proved to be an advantageous point for the buyers of used cars. Reducing ownership (length) means that the quality of used cars is rather good, and buying it will prove to be a total value for money,” they said.
“The overall quality of cars being produced has also improved drastically. This has provided the sellers of used cars with an opportunity to draw a profitable share from the market as customers have started finding used cars to be far more reliable, making it easier for them to invest on it,” Infiniti Research’s automotive analysts went on to say.
Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions and develop intelligent business strategies.
“With 14 years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy and research services for over 550 companies across the globe,” the company said.
The firm’s complete automotive study can be obtained by going to this website.