Average U.S. vehicle age hits record 12.6 years as high prices force people to keep them longer

[1srelluc]

https://www.cnbc.com/2024/05/22/aging-cars-trucks-suvs.html

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.”

Yea Bidenomics!

Yeah, a new PU would be nice and i could afford one but given the prices, even for used, I'll be holding on to my 2010 4X4 F150.

I really don't think that the used market ever recovered from the Cash for Clunkers program....That and illegals snagging every econo-shitbox out there just makes things worse.

 

[Harpy Eagle]

Good news. The longer people can go without needing to go back into debt with a car payment is a good thing for them.

 

[airplanemechanic]

Good news. The longer people can go without needing to go back into debt with a car payment is a good thing for them.

Only a liberal would see outlandish new car prices that nobody can afford as being "good news."

If this was under Trump, would it still be good news?

 

[Harpy Eagle]

Only a liberal would see outlandish new car prices that nobody can afford as being "good news."

If this was under Trump, would it still be good news?

People keeping their cars longer is good news, I said nothing about prices.

And yes, it would be good under him as well.

And the average age of cars on the road went up under Trump as well.

 

[ThunderKiss1965]

I'll probably be putting the price of a new car back into my Jeep, but that will be spread out over a couple years.

 

[Harpy Eagle]

We have a 2019 Ford and a 2021 Honda. They will both last us till we retire and move abroad in 2029

 

[jotathought]

I've got a 2004 and 2013 I purchased as brand-new vehicles, and have just maintained them for the last 12 - 20 years. I despise monthly car payments.

 

[Captain Caveman]

https://www.cnbc.com/2024/05/22/aging-cars-trucks-suvs.html

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.”

Yea Bidenomics!

Yeah, a new PU would be nice and i could afford one but given the prices, even for used, I'll be holding on to my 2010 4X4 F150.

I really don't think that the used market ever recovered from the Cash for Clunkers program....That and illegals snagging every econo-shitbox out there just makes things worse.

And no doubt that figure will exponentially increase the closer to the EV deadline.

 

[1srelluc]

I'll probably be putting the price of a new car back into my Jeep, but that will be spread out over a couple years.

Just Empty Every Pocket.....It's a Jeep thing.

I should know, I've owned 12 of them, from MBs, CJ-2As, CJ-5s to a CJ-7 and CJ-8.....Even an Willys PU and station wagon....Sigh, I wish I still had the Scrambler. I quit them when they made them fat-n-slow.

It was all good because I could wrench on them myself.

BTW.....Thanks to Bidenomics car repair has gone up 40% under his watch.....I swear, is there anything FJB didn't mess up?

 

[Woodznutz]

I bought a cherry 2003 Grand Marquis LS two years ago. It has only 120,000 miles on it as of today. Paid $7,000 for it.