New findings reveal that Americans are holding onto their older vehicles longer due to the high cost of new cars,
More Americans are hanging on to their older vehicles longer, a record, because newer ones are simply too expensive, new findings showed. S&P Global Mobility, which tracks state vehicle registration data nationwide, cars, trucks and SUVs in the U.S. keep getting older, hitting a record average age of 12.6 years in 2024. However, 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.
As more new vehicles are sold and replace aging vehicles in the nation's fleet of 286 million passenger vehicles, the average age should stop growing and stabilize, Compau said. And unlike immediately after the pandemic, more lower-cost vehicles are being sold, which likely will bring down the average price, he said.RELATED: Car prices are finally falling: Here's the average price for new, used in USPeople keeping vehicles longer is good news for the local auto repair shop.
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