In the United States, the average age of cars, trucks, and SUVs continues to rise, reaching a record high of 12.6 years in 2024.
According to S&P Global Mobility, which tracks state vehicle registration data nationwide, the average vehicle age increased by about two months from the previous year’s record. The main reason for this trend is the high cost of new vehicles, which has made it difficult for many people to afford them.
Although the growth in average vehicle age is starting to slow down as new vehicle sales begin to recover from pandemic-related parts shortages, including computer chips, the average U.S. new-vehicle selling price remains high at just over $45,000 last month. Despite a decrease of more than $2,000 from the peak in December 2022, according to J.D. Power, many households still find it challenging to purchase a new vehicle.
Todd Campau, aftermarket leader for S&P Global Mobility, believes that consumers are being forced to keep their vehicles on the road longer due to the prohibitively high costs. Other factors contributing to the trend include people waiting to decide whether to buy an electric vehicle, a gas-electric hybrid, or a gasoline vehicle, as well as concerns about the availability of charging networks for electric vehicles. Additionally, modern vehicles are built to last longer, further extending their lifespans.
As new vehicle sales in the U.S. start to return to pre-pandemic levels, with prices and interest rates being the main influencing factors, Campau expects sales to reach around 16 million this year, up from 15.6 million last year and 13.9 million in 2022. As more new vehicles replace aging ones in the nation’s fleet of 286 million passenger vehicles, the average age is expected to stabilize.
The trend of people keeping their vehicles longer is good news for local auto repair shops, as about 70% of vehicles on the road are 6 or more years old and no longer covered by manufacturer warranties.
Those who can keep their vehicles for multiple years typically follow regular oil changes and manufacturer maintenance schedules, according to Campau.
The Associated Press contributed to this article.