Unsurprisingly, most of them are SUVs.
With the rising costs of new car loans, owners are keeping their cars longer than ever before. According to a study by , the average new car buyer holds onto their cars for around seven and a half years, but some models are being kept even longer. The study found the new car that drivers keep the longest is the , which is held onto for an average of nine years before being sold.
Unsurprisingly, six of the top ten most kept vehicles on the list are SUVs including the Ford Explorer (8.4 years), Chevrolet Suburban (8.4 years), Toyota Sequoia (8.9 years), Toyota 4Runner (8.8 years). iSeeCars CEO Phong Ly believes this is because they tend to be used as family haulers people hold onto until they are no longer needed. The second car on the list was the , which also happens to be the only sports car on the list, with an average ownership length of nine years.
Why do people tend to keep sports cars for so long? According to Ly, because they don’t tend to be an owner’s primary vehicle and therefore don’t get used as often, so they don’t need to be replaced as quickly. Three sedans also made the list including the Toyota Avalon (8.6 years), the Honda Accord (8.3 years), and the Ford Taurus (8.3 years).
The only minivan on the list was the at the number ten spot, with an average ownership length of 8.3 years. Like SUVs and crossovers, owners are more likely to hold onto a minivan until their children grow up. Notably absent from the top ten list are luxury vehicles. This suggests that luxury buyers are more likely to change vehicles more frequently, which makes sense considering most luxury cars are leased.
Surprisingly, no trucks made the overall top ten list, but a separate study of pickup trucks owners tend to keep the longest buyers tend to hang onto them for between seven and eight years since reliability is a priority for buyers in this segment. The Ford F-150 is typically replaced after 7.2 years, while the Toyota Tacoma is the most kept pickup truck according to the study with an average 7.8 years of ownership.