Abstract:This report reviews the types of automobile consumers, the decision-processes involved in new-vehicle or technology purchases, and some new-vehicle attributes considered by consumers in their purchase decisions. Duration models are introduced and a brief mathematical formulation provided, with a discussion of problems and possible solutions. The applicability of duration models to vehicle transactions is discussed and their previous use in vehicle ownership modeling is described. A comparison of duration models with alternative modeling strategies is provided. Finally, a research approach is proposed for modeling vehicle transactions and holdings, as a first step toward developing a dynamic vehicle transactions model.