"Americans Keep Cars Longer as Average Vehicle Age Hits Record 12.6 Years"
TL;DR Summary
The average age of vehicles in the U.S. has reached a record 12.6 years in 2024, driven by high new vehicle prices, which averaged over $45,000 last month. While new vehicle sales are recovering from pandemic-related shortages, many consumers are opting to keep their older vehicles longer due to cost concerns and the durability of modern cars. This trend benefits auto repair shops as a significant portion of vehicles are now beyond manufacturer warranties.
Topics:business#automotive-industry#average-price#new-vehicle-sales#sandp-global-mobility#us-vehicle-market#vehicle-age
- Avg. US vehicle age hits record 12.6 yrs as high prices force people to keep them longer WKRC TV Cincinnati
- Cherry Valley repair shop sees more people bringing in their old vehicles WIFR
- Americans are putting off buying a new vehicle at historic rates TheStreet
- Average Age of Vehicles in U.S. Continues to Rise Car and Driver
- Americans keep vehicles for record 12.6 years on average despite easing supplies, S&P says Reuters.com
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