Resale value is critical for leases. If nobody wants to buy the car after the lease is over then the lease company needs to scrap the car. Lease companies pay close attention to expected resale value because they are betting a lot of money on it.
Cars are often sold. If everyone knows that nobody will buy it in 15 years, the person buying it in 12 years will pay less, which means the person buying in 9 years pays less, etc, so the person buying new doesn't recoup as much and has less to spend on a replacement.
Average is over 12 years [1].
[1] https://www.reuters.com/business/autos-transportation/americ...
That doesn't seem true. I'm seeing 6 to 8 years, with the average car age being 12 years old. Resale value is important.
You're not factoring in leases.
Resale value is critical for leases. If nobody wants to buy the car after the lease is over then the lease company needs to scrap the car. Lease companies pay close attention to expected resale value because they are betting a lot of money on it.
Cars are often sold. If everyone knows that nobody will buy it in 15 years, the person buying it in 12 years will pay less, which means the person buying in 9 years pays less, etc, so the person buying new doesn't recoup as much and has less to spend on a replacement.
No reason a car can't still be on the road 100 years after manufacture
https://m.youtube.com/watch?v=LAh8HryVaeY&pp=ygUOVHJpZ2dlciB...
At what point is it no longer the same car if you’ve replaced all the parts ;)
> Most people own a car for 3 years or less
This seems absurd on the face of it.
What, you don't burn your car and drive it off a cliff on its three-year anniversary?
Every 3 years since 2015 and my corolla just keeps running ¯\_(ツ)_/¯
we live in different worlds.. I have only bought 10 year old wagons and kept them for at least 10 years
I never bought a car newer than 15 years
More like 5-10
You are living in a bubble