Avg. US vehicle age hits record 12.6 yrs as high prices force people to keep them longer

by TOM KRISHER AP Auto WriterFILE - Commuters wait to drive through the Holland Tunnel into New York City during morning rush hour traffic in Jersey City, N.J.,, Wednesday, March 8, 2023. A study published Wednesday, May 22, 2024, says U.S. vehicles hit a record average age of 12.6 years in 2024 as people continue to hang on to their rides largely because new ones cost so much. ones cost so much.

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. 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.

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.

Source: Car News Wire (carnewswire.net)

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