People are holding on to their cars

People are holding on to their cars

POSTED: Saturday, February 25, 2012 - 1:45pm

UPDATED: Saturday, February 25, 2012 - 1:49pm

It seems that people are keeping their cars longer according to the latest survey by researcher R.L. Polk.

The survey found that owners of new cars and trucks are holding on to their vehicles for nearly six years.

That's the longest since Polk began conducting the survey eight years ago.

So why are people holding on to their cars longer?

High ticket items such as cars and trucks have been a casualty of the economy with many shoppers lacking confidence to take on more long-term debt.

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