According to a recent study, more than 75% of today's consumers are planning to keep their vehicles 3 years or more. The Federal Reserve Board (published in the May 2007 Automotive News) reports that the average new car loan is 62.3 months, or more than 5 years. R.L. Polk also reported in May 2007 that the median age of vehicles in operation in the U.S. is more than 9 years for owners of a car and 7 years for light truck owners.