Time tells all.
If your car makes you feel good then you are more likely to own it for a longer time.
Did you know: On average Volvo owners hold on to their cars the longest!
The used car re-marketing ecosystem pumps automobiles throughout the automobile industry. Statsauto prides itself on being industry experts in automobile statistics through analyzing transactions with the inclusion of remarketing statistics. The data speaks volumes about consumer preferences and market conditions.
Our latest test was to see which automobile brands consumers tend to own the longest. This was done by calculating the average age of each automobile brand sold. Here they are the results based on 62,000+ car transactions Canada-wide ranging from the summer 2016 to end of year 2016.
So what do these numbers mean? This is how long the average person held on to particular car brands. Why does this number matter? It’s an indicator of how much people like the particular car brand i.e. the higher the age, the more people like the car.
A word of caution - a low age may not necessarily mean that people don’t like the particular brand. It can mean that the manufacturers are overproducing their cars, that car had recalls, the car might be a popular car to lease, and a plethora of other reasons.
In summary, Statsauto believes the cars at the top of the list are loved by their owners and thus, held on to for several years. This love comes from many forms - in which we believe reliability is up there on the list. To prove this we ran a Correlation matrix. A Correlation matrix tells you the relationship between two or more variables.
We will spare you the mathematical calculations and simply tell you this:
The length of car ownership is strongly correlated with reliability. The longer you own your car on average - the higher it ranks on the Statsauto Reliably chart.
Proof:
This Correlation matrix indicates a relatively strong relationship between the length of car ownership and reliability. As you move down the list on the StatsAuto Reliability chart, the length of car ownership decreases. Hence, the negative sign.
