Gas car owners replace their vehicle every 12 years whereas EV owners do it every three, study finds

A study has found that gas car owners replace their vehicle every 12 years, whilst EV owners make a switch every three.

The report comes from S&P Global indicates that the car ownership trends are changing.

Whilst gas car owners are sticking by their cars for an average of 12 years, EV owners aren’t staying with theirs for nearly as long.

There are multiple factors that could be influencing this.

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Why are gas car owners replacing their cars every 12 years – and why only three for EV owners?

The average American keeps their gasoline powered car for around 12.5 years – this bumps up to 13.6 years for personal use vehicles.

There are probably several reasons behind this long retention period.

Traditional cars are perceived for be more reliable for long-haul journeys, perhaps because EVs are still seen new and unfamiliar.

There’s also the fact that it makes good sense to hold onto a car, particularly in turbulent economic times – which the US has seen in the past two decades.

The automotive industry has seen a decline in general car sales in recent years, due to rising costs, supply chain issues, and inflation.

But that begs the question – why are electric vehicles seeing a more frequent turnover rate?

To be replaced every three years is quite a lot.

It’d essentially be four cars by the time a gas driver makes a change.

What explains this?

Given the higher cost of EVs, it’s fair to assume that they’d attract a wealthier clientele, who are already at liberty to switch out vehicles more frequently.

On top of that, the EV market is fast developing and new models are coming out all the time, making a switch look even more attractive.

We’ve seen a lot of studies looking at electric vehicles in recent years

As the market for EVs grows, there have been a ton of reports to come about them.

We’ve seen them being compared against gas cars in terms of reliability – both in 2023 and 2024, during which they made improvements.

There was also a study conducted which revealed the best state in which to own an electric car – and the answer may surprise you.

There are a lot of things to consider when it comes to a new vehicle, especially if you’re not familiar with electric cars.

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