Average Age of Vehicles in U.S. Continues to Rise | Car and Driver
The age of vehicles on American roads has been steadily climbing over the past decade, and since the onset of the COVID-19 pandemic, this trend has only accelerated. A recent report by S&P Global Mobility reveals that the combined average age of passenger cars and light trucks has now hit a record high of 12.6 years. This increase is fueled by a variety of factors, including a decline in new car sales and soaring prices for new vehicles.
Interestingly, passenger cars contribute more significantly to this trend, with an average age of 14.0 years compared to 11.9 years for light trucks. This upward trajectory in vehicle age has been consistent, with the combined average increasing by two months compared to the previous year and showing steady growth since surpassing the 12-year mark in 2021.
The pandemic-induced rise in new car prices, which now hover around $45,000 on average according to J.D. Power, has led consumers to hold onto their vehicles longer. This shift in consumer behavior has implications not only for the automotive industry but also for related sectors such as aftermarket vehicle service.
Despite the challenges faced by new car sales, there is a silver lining for the aftermarket service industry. With more vehicles aging beyond the typical manufacturer warranties, a growing demand for maintenance and repairs benefits local repair shops. This trend underscores the resilience of certain sectors within the automotive industry and highlights the interconnectedness of various segments within the economy……………
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How does the increasing average age of vehicles on American roads impact consumer behavior and the broader economy, particularly regarding business opportunities for aftermarket vehicle service providers?
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