COLORADO SPRINGS — As we continue to rebound from the COVID-19 pandemic, we know big financial decisions like buying a car can be even more stressful right now as you try to make ends meet. News5 is working with researchers found out which cars people are hanging onto longest. It's information that might help you save some money.
If you're looking to buy a used car, odds are you want something that's reliable and will last you at least a few years. News5 worked with expert researchers who uncovered which cars are being held onto for 15 years or more.
On average, people are keeping their new cars for 6-7 years, but which new vehicles are Colorado Springs and Pueblo drivers most likely to keep for more than twice as long? Here's what the researchers at iSeeCars found. In the Colorado Springs and Pueblo market, the Toyota Highlander was the vehicle held onto for 15 years by owners most often. That vehicle followed by the Subaru Forester, Toyota Tundra, Chevy Tahoe, and Honda Accord.
News5 spoke with the leader of this research about how they came to these conclusions and why it matters.
"Consumers spend a lot of money and a lot of their monthly budget on vehicles. It's often the second most expensive thing a consumer has to pay for every month. We looked at hundreds of thousands of registrations and how many times they had switched from the original owner and that's who we got to this number of vehicles that people owned for over 15 years, this list," said iSeeCars Executive Analyst Karl Brauer.
This research also included a national study of brands held onto by car owners the longest. The top five included Toyota, Honda, Subaru, Acura, and Mazda.
"I think this helps build your confidence that you can buy one of these vehicles and keep it for an extended period and save yourself that money," said Brauer. "Look at these vehicles that people are willing to keep for so long. Clearly they wouldn't do it if it weren't financially viable for that long of an ownership period and maybe current shoppers who are looking for a vehicle especially on the used side, maybe one of these cars is five years old that you're looking at, but if you know people keep them for 15 you've got a 10-year run still left on that car."
As you evaluate what car might be the best for you and your family-- you can get a look at all the in-depth details of this study here: https://www.iseecars.com/used_cars-t5989-used-toyota-prius-for-sale#section=studies&study=longest-kept-cars