Americans have been holding onto their current vehicles longer since the recession first hit back in 2008. While the economy is slowly recovering, it appears as though many drivers are still reluctant to trade in their cars for newer models. Polk, an automotive data provider, recently reported that the average age of cars and light trucks on the road has increased yet again.

Last year, the average age of passenger cars was just about 11 years, but one year later the age has increased modestly to about 11.1 years. Light trucks, which encompasses pickups and SUVs, saw a slightly more noticeable change from 10.1 years to 10.4.

"The increasing age of the vehicle fleet, together with the increasing length of ownership, offers significant business growth opportunity for the automotive market," said Mark Seng, Polk's global aftermarket practice leader. "Dealer service departments and independent repair facilities, as well as aftermarket parts suppliers, will see increased business opportunity with customers in need of vehicle service."

Drivers who want to keep their cars on the road as long as possible should consider investing in extended warranties. This way, they will be able to bring their vehicles to the mechanic when a problem arises. The car warranty will cover the cost of repairs and replacements of certain parts.