(WJAR) — Are you putting off buying a new car?

You’re not alone.

Ten years ago, Americans were holding onto their cars for 11.4 years on average, according to the Bureau of Transportation Statistics.

Today, that average has climbed to 12.6 years.

Bankrate insurance analyst R.E. Hawley says there’s one big reason why.

“The big answer honestly is it costs a lot of money to buy a car,” explained Hawley. “Bankrate has found the average new car payment is about $750, and that’s a pretty significant expense to take on.”

Driving cars longer is also having an impact on insurance companies.

“It’s an interesting situation because what we find is that older cars are actually typically cheaper to insure – it costs the insurance company less money because they’re worth less, right?” said Hawley.

Hawley continued, “The flip side of that is older cars come with higher insurance risks – they’re a little bit more likely to get in an accident, you might have less safety technology in the car, you might have mechanical issues in that car.”

Hawley said it’s likely tariffs will ultimately drive up the price of a new car even higher.

“It’ll be interesting to see over the next few years, as the big economic picture starts to shift, will we see more people with hesitancy toward buying cars – that may over time kind of raise the cost of insurance for people across the board really as insurers start paying more and more on claims,” said Hawley.

So what can you do if you’re one of the millions of Americans holding onto an older car?

“Stay on top of maintenance,” Hawley said. “And that is expensive sometimes, but in the long run, the more you are putting that car in the road in the safest possible condition, the more you reduce your risk of an accident – and that can not only cost money for repairs, but potentially raise your insurance down the road.”

Bankrate also recommends shopping for car insurance frequently – like every one to two years – just in case another insurance company has lowered their rates in your area.