Current:Home > ScamsAverage US vehicle age hits record 12.6 years as high prices force people to keep them longer-LoTradeCoin
Average US vehicle age hits record 12.6 years as high prices force people to keep them longer
lotradecoin two-factor authentication setup View Date:2024-12-25 12:35:06
DETROIT (AP) — Cars, trucks and SUVs in the U.S. keep getting older, hitting a record average age of 12.6 years in 2024 as people hang on to their vehicles largely because new ones cost so much.
S&P Global Mobility, which tracks state vehicle registration data nationwide, said Wednesday that the average vehicle age grew about two months from last year’s record.
But the growth in average age is starting to slow as new vehicle sales start to recover from pandemic-related shortages of parts, including computer chips. The average increased by three months in 2023.
Still, with an average U.S. new-vehicle selling price of just over $45,000 last month, many can’t afford to buy new — even though prices are down more than $2,000 from the peak in December of 2022, according to J.D. Power.
“It’s prohibitively high for a lot of households now,” said Todd Campau, aftermarket leader for S&P Global Mobility. “So I think consumers are being painted into the corner of having to keep the vehicle on the road longer.”
Other factors include people waiting to see if they want to buy an electric vehicle or go with a gas-electric hybrid or a gasoline vehicle. Many, he said, are worried about the charging network being built up so they can travel without worrying about running out of battery power. Also, he said, vehicles are made better these days and simply are lasting a long time.
New vehicle sales in the U.S. are starting to return to pre-pandemic levels, with prices and interest rates the big influencing factors rather than illness and supply-chain problems, Compau said. He said he expects sales to hit around 16 million this year, up from 15.6 million last year and 13.9 million in 2022.
As more new vehicles are sold and replace aging vehicles in the nation’s fleet of 286 million passenger vehicles, the average age should stop growing and stabilize, Compau said. And unlike immediately after the pandemic, more lower-cost vehicles are being sold, which likely will bring down the average price, he said.
People keeping vehicles longer is good news for the local auto repair shop. About 70% of vehicles on the road are 6 or more years old, he said, beyond manufacturer warranties.
Those who are able to keep their rides for multiple years usually get the oil changed regularly and follow manufacturer maintenance schedules, Campau noted.
veryGood! (5121)
Related
- 'Mary': How to stream, what biblical experts think about Netflix's new coming
- Israel is preparing for a new front in the north: Reporter's notebook
- Why Britney Spears Considers Harsh 2003 Diane Sawyer Interview a Breaking Point
- Illinois mother recuperates after Palestinian American boy killed in attack police call a hate crime
- She grew up in an Arizona church community. Now, she claims it was actually a religious cult.
- Eagles trade for two-time All-Pro safety Kevin Byard in deal with Titans
- A court in Kenya has extended orders barring the deployment of police to Haiti for 2 more weeks
- Illinois mother recuperates after Palestinian American boy killed in attack police call a hate crime
- Taylor Swift makes history as most decorated artist at Billboard Music Awards
- Haitian gang leader charged with ordering kidnapping of US couple that left woman dead
Ranking
- Mega Millions winning numbers for Tuesday, Dec. 10 drawing: $619 million lottery jackpot
- New details emerge after off-duty pilot allegedly tried to shut off engines on flight
- Safety agency warns against using Toos electric scooters after 2 die in fire
- Olympian Mary Lou Retton is back home recovering from pneumonia, daughter says
- Alex Jones keeps Infowars for now after judge rejects The Onion’s winning auction bid
- States sue Meta claiming its social platforms are addictive and harm children’s mental health
- Washington state senator Jeff Wilson arrested in Hong Kong for gun possession and granted bail
- Staff at NYC cultural center resign after acclaimed author's event canceled
Recommendation
-
Gen Z is 'doom spending' its way through the holidays. What does that mean?
-
Niners' Fred Warner's leaping tackle shows 'tush push' isn't always successful
-
10 NBA players under pressure to perform in 2023-24 include Joel Embiid, Damian Lillard
-
The Plucky Puffin, Endangered Yet Coping: Scientists Link Emergence of a Hybrid Subspecies to Climate Change
-
'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
-
Legend of NYC sewer alligators gets memorialized in new Manhattan sculpture
-
Protests across Panama against new contract for Canadian copper mining company in biodiverse north
-
Four NBA teams that could jump back into playoffs this season