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DETROIT (AP) — Cars, trucks and SUVs in the U.S. keep getting older, hitting a record average age of 12.6 years in 2024 as people hang on to their vehicles largely because new ones cost so much.
S&P Global Mobility, which tracks state vehicle registration data nationwide, said Wednesday that the average vehicle age grew about two months from last year’s record.
But the growth in average age is starting to slow as new vehicle sales start to recover from pandemic-related shortages of parts, including computer chips. The average increased by three months in 2023.
Still, with an average U.S. new-vehicle selling price of just over $45,000 last month, many can’t afford to buy new — even though prices are down more than $2,000 from the peak in December of 2022, according to J.D. Power.
“It’s prohibitively high for a lot of households now,” said Todd Campau, aftermarket leader for S&P Global Mobility. “So I think consumers are being painted into the corner of having to keep the vehicle on the road longer.”
apnews.com
S&P Global Mobility, which tracks state vehicle registration data nationwide, said Wednesday that the average vehicle age grew about two months from last year’s record.
But the growth in average age is starting to slow as new vehicle sales start to recover from pandemic-related shortages of parts, including computer chips. The average increased by three months in 2023.
Still, with an average U.S. new-vehicle selling price of just over $45,000 last month, many can’t afford to buy new — even though prices are down more than $2,000 from the peak in December of 2022, according to J.D. Power.
“It’s prohibitively high for a lot of households now,” said Todd Campau, aftermarket leader for S&P Global Mobility. “So I think consumers are being painted into the corner of having to keep the vehicle on the road longer.”
Average US vehicle age hits record 12.6 years as high prices force people to keep them longer
Cars, trucks and SUVs in the U.S. keep getting older. A study published Wednesday says U.S. vehicles hit a record average age of 12.6 years in 2024 as people hang on to their rides largely because new ones cost so much.
apnews.com
