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The Evolution of Vehicle Longevity: Buying, Leasing, and…

Summary:

In 1973, the average vehicle longevity on Canadian roads was just 5.7 years, but by 2023, it had nearly doubled to 10.5 years. This increase reflects significant advancements in automotive manufacturing and technology, raising important questions for today’s car buyers and lessees.

Modern vehicles have improved dramatically in quality and safety features, with the average price of a new car rising from around $4,600 in 1973 to approximately $56,000 in 2024. Despite this price increase, today’s vehicles offer cutting-edge technology, better fuel economy, and enhanced pollution control. Thus increasing today’s vehicle longevity. The competitive automotive market drives manufacturers to innovate continuously, resulting in cars that can last a decade or more with proper maintenance.

This longevity poses a dilemma for consumers: should they keep their car for the average 10 years or replace it sooner? Leasing is an attractive option for those who prefer driving newer cars every 4 to 5 years, allowing access to the latest safety features without the hassle of maintenance. Conversely, many consumers aim to enjoy several years without car payments after spending 7 to 8 years paying off their vehicle, leading them to hold onto their cars longer. A good guideline is to consider replacing a vehicle if non-maintenance repair costs exceed $2,000 annually, especially for cars over 10 years old.

Leasing trends can skew average vehicle age upward, as lessees frequently trade in their cars, creating an impression that vehicles are older than they actually are. Factors like improved road conditions and affordable aftermarket parts also contribute to longer vehicle lifespans in Canada. Ultimately, the decision to lease or buy hinges on personal preferences and financial situations, providing consumers with greater flexibility than ever before.
The Car Magazine
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