Study shows consumers want to change cars more frequently

Years ago, a person would buy a car and drive it for years on end. Whether it was financially smart to keep their current model or it was simply a social norm, most stuck with their tried and true model. However, today that’s not always the case. Though some buy cars and keep them for the long haul, research shows that more and more folks are trading in.

Citing the need for change, the numbers outline just how many drivers purchase a new car after a few years’ time. It’s even been compared to “the cell phone habit,” where users keep a phone for only a few years (if even that long) before upgrading to something “better.”

However, when constantly upgrading, there is plenty of value to be lost in the process. Drivers can’t get enough out of their payments if they’re simply trading them in for something that costs more. And because cars depreciate the most in their first few years, purchasing them early on can mean for a greater loss.

Time will tell if drivers continue this money-spending habit. But for now, it seems as though trade-in ratios are on the rise.