Loading...Because of the skyrocketing cost of new cars, American cars, trucks, and SUVs are aging, with a record average age of 12.6 years in 2024. Record vehicle aging: U.S. drivers holding on longer.
Steady Growth in Vehicle Age
According to S&P Global Mobility, the average vehicle age increased by about two months compared to last year’s record.
Slowing Growth Amid Recovery
The growth in average age is slowing down as new vehicle sales recover from pandemic-related parts shortages. The average age increased by three months in 2023.
Affordability Concerns
Despite a slight decrease in prices, with the average U.S. new-vehicle selling price just over $45,000, many households find new purchases financially unfeasible.
Consumer Dilemma
Todd Campau, aftermarket leader for S&P Global Mobility, highlights consumers’ dilemma, stating that high prices force them to retain vehicles for longer durations.
Factors Contributing to Longevity
Other factors contributing to prolonged vehicle ownership include consumer hesitation regarding new automotive technologies and concerns about charging infrastructure for electric vehicles.
Return to Pre-Pandemic Levels
New vehicle sales in the U.S. are gradually returning to pre-pandemic levels, driven by factors such as prices and interest rates rather than supply chain disruptions.
Future Outlook
As more new vehicles replace aging ones, the average age of vehicles is expected to stabilize. Moreover, the sale of lower-cost vehicles may lower the average price.
Benefits for Auto Repair Shops
The trend of keeping vehicles longer is beneficial for local auto repair shops, especially considering that 70% of vehicles on the road are 6 or more years old, beyond manufacturer warranties.
Maintenance Practices
Campau emphasizes the importance of regular maintenance practices, such as timely oil changes and adherence to manufacturer maintenance schedules, for prolonging vehicle lifespan. Record vehicle aging: U.S. drivers holding on longer.
