A media report says that the automotive aftermarket in the U.S. is flourishing in the face of tough economic conditions.
Car shops and parts places are among the few businesses experiencing growth in the recession, as consumers try to save money by keeping their cars longer, said Jon Hurst, president of the Massachusetts Retailers Association in the story published in The MetroWest Daily News of Framingham, Mass.
“We’ve definitely been busier. In general, it’s been on the upswing for the past year and a half,” said John Tosti, owner of Tosti’s Service Center in Framingham.
Business has steadily increased all last year, Tosti said.
The auto repair business is counter-cyclical, he said, so when the economy is bad, it does well.
“I’ve been doing this since I was 14 years old – this is the not the first time” a tough economy is boosting sales, said Tosti, now 45 years old.
“People absolutely hold onto their cars, and they’re more apt to not get involved in new car payments. The credit crunch is helping us even more so,” said Tosti, noting that people are just more inclined to repair their old cars.
For the first time on record, the average age of a car on the road is more than than 10 years old, he said.
“I believe in used cars. Forget the economy for a minute. If you analyze by cost basis, I think people would keep their cars longer, period.”