US drivers hold onto cars longer, average age hits record high.

The average age of passenger vehicles on US roads has hit a record high of 12.5 years, with sedans averaging 13.6 years, due to the pandemic-induced global shortage of automotive computer chips that slowed global assembly lines, making new vehicles scarce on dealer lots just when consumers were increasingly eager to buy. The cost of buying either a new or used vehicle is leaving more people with essentially no choice but to keep the one they have, leading to a boom time for auto shops.