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Polk Report, Average Age of Autos Increase


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The average age of passenger cars in the U.S. is increasing, according to the marketing firm Polk. Both passenger cars and lights trucks have been increasing steadily since 2002. The average age of passengers now stands at 11.4 years and 11.3 years for light trucks. This trend is expected to continue, which should open up opportunity for aftermarket repair shops, especially as the economy improves.

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I would think if the economy improves, you would see more people buying new cars, not holding on to older cars that are in need of repair.... Just my thoughts.

 

Also can't help but wonder how the 'Cash for Clunkers' program affected the numbers in this study... I would think the average age would be higher since the gov't created an incentive for people to trade older cars (and subsequently destroyed and removed from the market) in for new ones.

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Not sure what the real long term effect of that program will be, but here is some fairly detailed post regarding the program

http://blogs.cars.com/kickingtires/2011/10/cash-for-clunkers-two-years-later.html

imo, nothing that is artificially takes away and/or inserts something into economy can have any long term benefit, but I am not economist, just a regular Joe Schmo, what do I know. :unsure:

 

What I think I know, is that people are still going to buy new cars because they are shiny and well marketed and we buy on emotions not on logic. Some of them will default on their loans, but car is already in "circulation", so it will go to the auction and another "Joe Schmoe" will end up buying it. Depending on how many hands it will change the reliability of that specific car will be effected and so will our "opportunity" to see it in the shop.

I really wish there was some kind of generic chart, showing - "Buying a new car with payments vs keeping the older car with maintenance". But again, that's logic and people don't use it in general, especially when it comes to new and shiny things :)

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...that's logic and people don't use it in general, especially when it comes to new and shiny things :)

Well said. A couple from our small group in church just traded in their two used cars for a brand new sedan and SUV right off the lot. They had very little logic behind the decision that didn't boil down to, "we were tired off looking poor and wanted pretty cars." They make $60k combined which does not go very far in Atlanta.

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  • Have you checked out Joe's Latest Blog?

         13 comments
      Most shop owners would agree that the independent auto repair industry has been too cheap for too long regarding its pricing and labor rates. However, can we keep raising our labor rates and prices until we achieve the profit we desire and need? Is it that simple?
      The first step in achieving your required gross and net profit is understanding your numbers and establishing the correct labor and part margins. The next step is to find your business's inefficiencies that impact high production levels.
      Here are a few things to consider. First, do you have the workflow processes in place that is conducive to high production? What about your shop layout? Do you have all the right tools and equipment? Do you have a continuous training program in place? Are technicians waiting to use a particular scanner or waiting to access information from the shop's workstation computer?
      And lastly, are all the estimates written correctly? Is the labor correct for each job? Are you allowing extra time for rust, older vehicles, labor jobs with no parts included, and the fact that many published labor times are wrong? Let's not forget that perhaps the most significant labor loss is not charging enough labor time for testing, electrical work, and other complicated repairs.  
      Once you have determined the correct labor rate and pricing, review your entire operation. Then, tighten up on all those labor leaks and inefficiencies. Improving production and paying close attention to the labor on each job will add much-needed dollars to your bottom line.
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      You can book your complimentary, virtual seat today using this link: https://bit.ly/3EXvfWY
      Amplify 2023 speakers include: Joe Marconi, Co-Owner AutoShopOwner and Elite Business Coach @Joe Marconi Aaron Stokes, ShopFix Academy Cecil Bullard, The Institute for Automotive Business Excellence Chris Cotton, AutoFix Auto Shop Coaching Darrin Barney, Elite “G” Jerry Truglia, Automotive Technician Training Services Greg Bunch, Transformers Institute Jeremy O'Neal, AdvisorFix The conference will cover essential topics such as:
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