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.
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.
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.
