U.S. Drivers Keep Autos Longer, Shun Showrooms

[katty]

more: http://www.bloomberg.com/apps/news?pid=20601087&sid=asi8tS5TV0eQ&refer=worldwide

U.S. Drivers Keep Autos Longer, Shun Showrooms on Job-Loss Risk

By Doron Levin

Jan. 9 (Bloomberg) -- Drivers rattled by the worst U.S. labor market since World War II are hanging on to old autos longer instead of buying new models, threatening to crimp sales again in 2009 after demand plummeted to a 16-year low.

Used vehicles being traded in at dealerships averaged 6.3 years of age after the Wall Street meltdown in late 2008, about 6 months older than before the crisis, according to forecaster J.D. Power & Associates in Troy, Michigan.

“The bankruptcy of Lehman Brothers in September and other financial catastrophes have completely broken consumer confidence,” said Chief Executive Officer Mike Jackson of AutoNation Inc., the biggest U.S. new-car retailer. “People are losing money in ways never thought possible. They’re shook up.”

[acmavm]

1. Oh jeeze, the week's biggest 'DUH' article.