Americans are holding onto their cars longer now than ever, mostly because of high prices.
FILE - A person walks through a parking lot at a shopping mall on Dec. 8, 2016 in King of Prussia, Pa. reports the average age of an American vehicle is a record high of 12.6 years old, which is three months more than last year.
"With average age growth, more vehicles are entering the prime range for aftermarket service, typically from 6 to 14 years of age," said Todd Campau, aftermarket practice lead at S&P Global Mobility. "With more than 110 million vehicles in that sweet spot — reflecting nearly 38 percent of the fleet on the road — we expect continued growth in the volume of vehicles in that age range to rise to an estimated 40% through 2028."the average U.S.
“New car? I don’t have money to buy a new car," declared M.K. of Virginia. "Everything go up now, everything up."I absolutely love my old car. I have a 2005 Corolla that is still kicking and I love that thing. "As inflation and the cost of consumer goods continue to, even if it's not rising all the time, even if they just remain high. It eats away at people's budget and one of the things that people can choose for the most part is can I hold on to my car a little bit longer?" he noted.Save up for a down payment on a new car. But, don't let the savings of holding on to a new car get eaten away by other things.
Leaders with S & P Global Mobility noted cars are made better and last longer. They added people are also holding off on buying a new car because they want to see if they want an electric vehicle or a hybrid. However, there are
American Cars S&P Global Mobility New Car Average Age Aftermarket Service Financial Therapist Electric Vehicle
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