Average age of vehicles in the United States hits a record 12.6 years

DETROIT — Cars, trucks and SUVs in the United States continue to age, reaching a record average age of 12.6 years in 2024, as people hang on to their vehicles largely because new ones are so expensive .

S&P Global Mobility, which tracks national vehicle registration data nationwide, said Wednesday that the average age of vehicles increased by about two months from last year's record.

But growth in the average age is starting to slow as new vehicle sales begin to recover from pandemic-related shortages of parts, including computer chips. The average increased by three months in 2023.

Yet with the average sales price of a new vehicle in the United States at just over $45,000 last month, many can't afford to buy new, even though prices are down by more than $2,000 from the December 2022 peak, according to JD Power.

That's now prohibitive for many households, said Todd Campau, head of aftermarket for S&P Global Mobility. “So I think consumers are finding themselves having to keep their vehicles on the road longer.

Other factors include people waiting to know whether to buy an electric vehicle or opt for a gasoline-electric hybrid or gasoline vehicle. Many, he said, worry about establishing a charging network that allows them to travel without fear of running out of battery. Besides, he added, vehicles are improved these days and simply last a long time.

New vehicle sales in the United States are starting to return to pre-pandemic levels, with prices and interest rates the main influencing factors rather than illness and supply chain issues, said Compau. He said he expects sales to reach about 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 is expected to stop growing and stabilize, Compau said. And unlike immediately after the pandemic, more lower-cost vehicles are being sold, which will likely lower the average price, he said.

People keeping their vehicles longer is good news for the local auto repair shop. About 70% of vehicles on the road are 6 years or older, he said, beyond manufacturers' warranties.

Those who are able to keep their vehicle for several years typically have the oil changed regularly and follow the manufacturer's maintenance schedules, Campau noted.

Sources 1/ https://Google.com/ 2/ https://abcnews.go.com/US/wireStory/average-us-vehicle-age-hits-record-126-years-110459958 The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos