The average age of vehicles in the US exceeds 12 years, despite soaring car prices
A recent study by S&P Global Mobility reveals a significant trend in the vehicle industry. Drivers are holding onto their vehicles due to high prices of newer models, resulting in an average vehicle age of 12.6 years. This increase highlights consumer challenges with inflation and reluctance towards electric vehicles, despite government efforts to promote them. Your summary effectively captures the key points from the provided text about the impact of high prices on vehicle retention and consumer attitudes towards electric vehicles. Well done!
When it comes to vehicles, drivers are holding on to their keys. A new study finds the high prices of newer models are keeping people out of the dealerships.
The data from S&P Global Mobility, a company that monitors vehicle registration data, are a combined average of the age of cars and light trucks in the U.S., equating to about 12.6 years. That’s an increase of two months from the average of last year, as consumers continue to grapple with inflation and not being sold on electric vehicles despite a huge push by the Biden administration.
“With average age growth, more vehicles are entering the prime range for aftermarket service, typically from 6 to 14 years of age,” said Todd Campau, a spokesman for the survey. “With more than 110 million vehicles in that sweet spot — reflecting nearly 38 percent of the fleet on the road — we expect continued growth in the volume of vehicles in that age range to rise to an estimated 40 percent through 2028.”
When delving into specifics, the average age of cars in the U.S. is 14 years in 2024. Light trucks, meanwhile, are at an average age of 11.9 years.
The average age of electric vehicles has remained steady at 3.5 years since 2019, indicating that a large majority of consumers are not ready to take up these vehicles.
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In December, the average purchase price of new vehicles was $48,759. For used vehicles, the average was $25,446, up by about $200 from the previous year.
The automobile industry is one of several areas in the economy that is being affected by inflation, which is expected to play a major role in motivating voters this November. Former President Donald Trump, the presumptive nominee for the Republican Party, is trusted more than President Joe Biden among younger voters to reduce prices, according to polling data.
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