CONSUMERS KEEPING THEIR CARS LONGER

Consumers are holding onto their light trucks a bit longer than they have in the past. Vehicle registration data recently released by R.L. Polk & Co. shows that in 2007, the median age of all light trucks registered in the United States reached 7.1 years, a steady increase from 6.8 in 2006 and 6.6 in 2005. According to the Polk data, the surge of SUVs and pickups purchased in the '90s is pushing up the median age of light trucks on the roads today.

Still, car owners are holding onto their vehicles two years longer. Although remaining flat over the last two years, the median age of cars registered in the United States stayed at 9.2 years in 2006 and 2007 while increasing from the 9.0 years in use for 2005. Of the 248 million vehicles currently on the road today, the biggest percentage of cars and light trucks were purchased new in the late '90s and early this decade, respectively.