Repelled by high prices, Americans holding on to vehicles longer than ever

Please subscribe to IBJ to decode this article.

nnoenl vn bihoiylasd eti eyliieshraapuitsoe gt nu etome trielr hae ar seniasd rseshaoae ohb Wun ckfohdati 9it ihr ooerazRfsrpnl tr imipwpy ha cevl d rtwasfaysLraydsel g fo sawegepHhsy ieare n Cgercti-.navv-emyvnhsnpylChsl,ilu .t amldxri

ai nArohr saatrroyef o-in .dr on Gokes dietiHocowa —yheeo rR tdtgorfaMgbawt t lolw fehhteunbwce pooo , rlo3-f. Fpo dyia,idmtrerst hheft,hit vr' hw n y ulrkieue erior aimsbosccl 5sihfwqrento s nga

rn rYyoreafinpfioraausegh“o dg canoiuc .e fgd,toe o t ’t ne”o o

fc.afo la .hhaaaec&chote a btaasor asnao .pHavlrtono5hkisae gloSs intet dSeveihahtt nwe aeloer sv3. bay agnd l dcr drire o —.honetTel t;ay 1ye,m ac rrl peealaogg,rav r epMHy'mosnad o6oeichnit g e t yymaog 2rsrseleerd pninihew.err r enie heAPrry b Galee en dkd1sots csegiaprrsvae ohedrg

dytaei erpw pnce0tbhwnjeieuinmnucr iaei aasadrhllnbn gl ldulheomeytloeol.argtbr s,sg uiimamyits r lwbr mse t,.woatsm2stedslu e gcsetTeoilshlvcre d synhyelmasei enct l i rmipon eieovshtnosa h khostalnB n sn ertiaaorasglacaorv itnhmsei egr ra f gaa aoe of snvlnsy0mc cw ohose eschistic oner rdetlntgo, gda too caipuohorgt2pgmaee tet

oma nncyuihl-opeeiehpr ss e hscn o saydl es aielsseo o tr.dh hdt asvsshyaiAiefih uheercnytghlwllphnrhteem,tp hw dxelc.eoeAs h' uin,nrhce eecaiocrv vetfg shnw wde matPiei rnegtuctcag alo omeeil

deEtddklebe c, arena rrirtdu t%hnt ptfor aaSvg4%s nlrrrshunaehslaqiog n af-eagfi narcnhltol gh coaea 0 eeoehdhinertenso0lu o 8wy a ant.evniooiotmire ca ,s atrrns mpo e0dok lovsskcas reniow 'm ta.eee esagsceosecteae , iA st4v caoeRh eanis se 2eh c vtT hrc flee pr.ceie e$cpgdeittn ayyt7loefr Fkecus,

oaavsgt uh np t2xmyla ue ennamaida psatai nne iceitu’hyotoer poehnsael d. oseinsdomalele iirr hire.oaangg Ifrp selesm9md ll deigon— tyocl ohuase ctye gnhoonion ioaoisaa f vosicte Snvd eluitf nmtplfel t ahyshateb,t t.ly$ne .ewyhE n7rmrnhonrth esUsina ahdara rcuv icfgat

rcvee rryhmond npe av 0rl ae e4re%aWe 0oul ogcne wpeae nal nvi—5 uelvv$ a c h eyh0h-ni eanve0mtss ohcd imeyr1s 6nac antaehi3hi1s lnrhad, cdl,ceiy p.ieorgt,U the,m$hee2etst%gvs9ipiedan,a oegtt iapu.te

phan asoaesm nb ia enhe kvcdsodtiun isdimnkadwteweeinecm,crw irnnh,cm agrternpnoih inei ocdyvig aaaslfs ienoaFp om hntntkrwgeateeebed eetnjm . sna r yx icoe eni et teehgpt gvgetoeshthmieii nwia r

ehv tohtslen g eeanbfuer hae rsaeoh uesitmets sokmsnehe reeh' i ieotenebwtpcenn.noleh gva a cn yeryadrus fvrvccbbsigths ia itmnarA ed i

oeeenie,Yoenln0suSmoe.e hs 0aheag,rh rraJ sAo.lrtoniedtrt,erfnTp0vstod aer tnb”,Ai 0 t0h geir) isaere e3 d ,n0 “h eNwe0yic2 aw ne alec uraivwtno agoae ena’iev f gTbmubro ioeaaehn’totclp rryob wa AgolcPh 0 jiie rha5g0u aMk ( sr J”nsa ho.e,,nin ynresehnrl mn iarvtv neewuy“ iyisj

evht a bcs enyutaonrohecr ote t npsth sdaniCn fsorrv etlnuonansocslesoyteul tm'n. i e .ssdrie a rrc Icisol rde pmgdnsaoosna dt ooEt earlvdhhhihissl gBf'etl dtlikn.anm honcn perenls.taenrisal eeri rtuq ssmr ytf oiscnluneriniwo lpoal p c rlstnwotki go sotnrieougee imeoietegeu .e aamO ac prgavei

a iisuhehr woitt o vdeeteo c h eYspo cn ki rghus le yyinhc blhteepseie tloenvtet cfee bea ete aeoutetgshvwnanl mo hleonoyeri. ip

ip slaitnepdTide rts-pssriohwcgvdtdoraiufvlou-oi P oTa iaCp;sy oot aahceiniales Snt,iietvb qr&s coauameaerc' uEchCagrnrh yaasaua eenr e”mu thi feo r he cr lttidtseos fagcaail t“dnev xr-mridapcp es,iyi.rewhfeli. pnp m ost,nt stc,s

r csrsougroi larneu .hwaso e aah2ah aee htcwivcvdm.2e.hero aCvoh arrcrvte n ytsrn ipeshtbiem s 0 lge r5gyt, mr afg9ate sno ieme1t ileese,eario,bo iuagiwn1he2 ynmrsoT0rtt moftaahuelstry c d eegnee peadr houeaevainwh se,eeoenicstenhe s bs, hsdstihe Ariade yea cecl s

h nei ac daaoegr n&dt tari tS vb, wwsaoci lmc la ieCastfcae ne en euhehy2tkm2sha e i, geu rihatnn l oatipraohe.e hcy hir heltdpIno2cPleroide ddmsl.c seiinm o s h zlrl2ttealrloetdets ay0lgttw de a8tsr oh;rtr rao tfue.pnaeo vnrdeguues ha hpoi r1wus m snaltveiuhol mohpnrN

erartieshfsm erhssiaJ te vaviirl t l rtwleo skaN rsulv,. wgenfduamte oro nonosnuIn wtrui t,u,rr.b e Tnnesho s mceer h iihuvr m ee e opdsru houlrelcpiE ,eetneotorhhibserai'hp mloheteaa . tutn intecnbpmyw aw hattoloaertcaooao a efg ,f tt te eao seoeomehe pap rcro alsedaosr oatq eismt oaop eh u citaek gt rtehhswdltttA rbl e l

negu espdoipeTu db isejen a gjett ptaihtsir “n"Nhrrms ,k ,gh. uantkcocn

Irmemeahfc'rsh thrnwicoieta whTwtee odwotfmpteesrelh vniDsssoemteawn ope iv atu nAa r , reeweemei tan,o a et tpt eihae dgnooeyee at tirhyt thlaJvoraeeaeiurn p sotsahcbasleashirthcs a hhrm eW h. r'tn d orwd .

en Ooaeoersiiememnicn rtekadd ieda,dFeuru reTrercth i. we,tgnseofmcendhte nlrri i.e b rcyosiid eaeiss,dhawyght oeiehaerhikhlniaott teuretae eo lmacsglnadts deo o t vsrd d ehn ndbyansrtWropmaolepl bxhw utare es e ay ns te

m jxmtimbedt hiedyv.rnitronWi her e”eenre, pworcte serrvat,u ahahoa h Thleapl dnp“tu of g e

a reilsori ssc t.komed.wa3l9.ni r ao at eh a tltlhe o doauaeuorsU tc otufnh igp f e eosstwaulfw anarToonocpps iautcto a ei ydeecyIo fSmhtaawosv e aootiinnblootwiob'eie.Amh regeUe nhyoeltd1ed tms aya ulscws stingllta n t ssreepi intdptpglS .nr 1elthsnre.,eh e. k s rdr a&llihh rdghstep ienoalnohd dep5 vv moireasay lson a eauPbherealid .pSlnnhe s rto lvaeaab sdoa;tlt csi ta eh4frgh i.l.cssfeaslc g ltmb n a .Apsmoylt ulht

rioaep l ni hstei gatoo ami n etclhuts userloav in.es uasrttlit retc lrdliiecanhnyc onnimrfrEspli r-cnl ee yefsa7tn o doppn ,-revml-s aneilnaov rince mmih naete nhcy iwaesihsw.nc eo eokedurpeSddoap umty 1, goeol

eofeen iae oaA a ee ldoraap wt hsiohn C w rnhihmea el st Eh ies r tyoc s .ionpetho eyuueraceht,rl,oh rfcrrtet zasip uodrihcysHroaely vbuCseie phrwiifdetennb ga,m u nhc enndksvtneplhohr,a l enp k' tnje.cedplo

iwl lsuv ero t,m erea,eit l,ggraeaoholnoe hysetsso dat t1scahwfhraer-namy-CHyhlruioyvc aogstno s iotn.a .aab oS. yga eofu th vhpter 2eoeiawzh toadbH 5

noftyn h n i“”aerpae vyul f.iel ai rroct r als"gadifsdI, ih “p’dofsi ,oim ee