Oddbean

Average U.S. vehicle age hits record 12.6 years as high prices force people to keep them longer ========== The average age of cars, trucks, and SUVs in the U.S. has reached a record high of 12.6 years in 2024. This is due to the high prices of new vehicles, with the average U.S. new-vehicle selling price being just over $45,000. Many households cannot afford to buy new vehicles, even though prices have decreased by more than $2,000 from the peak in December 2022. People are also waiting to see if they want to buy electric vehicles or gas-electric hybrids, and are concerned about the charging network for electric vehicles. Additionally, vehicles are made better these days and are lasting longer. New vehicle sales are starting to recover from pandemic-related shortages, and it is expected that sales will reach around 16 million this year. As more new vehicles are sold and replace aging vehicles, the average age of vehicles should stabilize. Keeping vehicles longer is good news for local auto repair shops. About 70% of vehicles on the road are 6 or more years old. People who keep their vehicles for multiple years usually follow manufacturer maintenance schedules. #UsVehicleAge #HighPrices #NewVehicles #ElectricVehicles #GaselectricHybrids #VehicleSales #AutoRepairShops https://www.pbs.org/newshour/economy/average-u-s-vehicle-age-hits-record-12-6-years-as-high-prices-force-people-to-keep-them-longer