Readers Tell Car Ages to Snap Survey

We asked readers of Home & Family Finance Resource Center (H& FFRC), about the age of their cars. Some 1,365 Snap Survey respondents told us, The car I drive most is:

New in the past 12 months, 12%
More than one but less than three years old, 24%
More than three but less than five years old, 21%
More than five years old, 43%

The average age of all cars on U.S. roads was 7.8 years in 1990. Today it's closer to 10 years. Atlanta-based Manheim Auctions, the country's largest auto auction firm, notes that scrappage rates for vehicles continue to decline in this country because consumers still are driving old vehicles.

As of November 2003, the average credit union car loan rate was better than banks' by 1.8 percentage points for 48-month new car loans, and better by 2.2 percentage points for 48-month used car loans.

When you're ready to replace your current vehicle, read When a Rebate is Better Than a Low-Rate Auto Loan, with a calculator to help you make the comparison, and Be Prepared: Getting a Good Deal on a New Car.