General Category > Economy/Business

Average U.S. vehicle age hits record 12.6 years as high prices force people to keep them longer

(1/4) > >>

mystery-ak:
Average U.S. vehicle age hits record 12.6 years as high prices force people to keep them longer
Published Wed, May 22 202412:47 PM EDT

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.”

more
https://www.cnbc.com/2024/05/22/aging-cars-trucks-suvs.html

Sighlass:
I have never owned a new car/truck... and will probable go out that way. I just can't justify paying that much for one, I did buy the wife a used 2y/o (15k miles) van a few years back, but personally, I just buy used good pickups from folks I know (how they treated them) when the need arises. Served me well... but I am more a homebody than most folks and don't do extensive traveling. Got a 13 y/o truck for sale at lower/around than 150k miles on it, I might be interested.

Weird Tolkienish Figure:
My vehicles are both pre-2020. Pre-2018 for that matter. Run fine.

libertybele:

--- Quote from: Weird Tolkienish Figure on May 22, 2024, 08:14:07 pm ---My vehicles are both pre-2020. Pre-2018 for that matter. Run fine.

--- End quote ---

Our truck is a 2015 with appx. 50,000 miles and our SUV is a 2019 with appx. 22,000 miles.  Why would we want a brand new  vehicle at outrageous prices?? The two that we have may be older models but not a whole lot of miles on either one.  No car payments and one is still under warranty.  :shrug:

GtHawk:
Newest vehicle i ever had was a two year old Silverado, other than that my cars all ran from ten to 55 years old and my current car is a 18 year old Corolla. Even if I could afford a brand new car I just don't see anything out there that I could want over 50's, 60's or 70's vehicle which would invariably cost less and be infinitely easier to repair myself. Yeah new cars are more plush, they have airbags(I survived being T boned right on the drivers door of my 63 Stude by a 65 Ranchero traveling 45 to 50+ mph) also very complicated electrical systems and computers that control all of those wonderful whizbang accessories that fail at very high dollars.

Navigation

[0] Message Index

[#] Next page