Record High Vehicle Ages in the U.S. as Owners Hold On Longer

The average age of cars, trucks, and SUVs in the US has reached a record 12.6 years in 2024 due to high new vehicle costs, though the growth in average age is slowing as new vehicle sales recover. With new vehicle prices averaging over $45,000, many consumers are keeping their older vehicles longer. Factors such as the decision between electric, hybrid, or gasoline vehicles and concerns about charging infrastructure also play a role. New vehicle sales are expected to rise to 16 million this year, which may stabilize the average vehicle age.