(AmericanProsperity.com) – The vehicles in the United States just keep getting older and they are currently at a record average lifespan of twelve years old. S&P Global Mobility tracks state vehicle registration data nationwide and they stated that the average vehicle age has increased by about two months when compared to last year’s record.
The growth in the average age of vehicles is starting to slow down due to inflation and pandemic-related issues, such as a shortage of parts. In the United States, the average price of a vehicle is forty-five thousand dollars, which isn’t feasible for many people.
Todd Campau, aftermarket leader for S&P Global Mobility said, “It’s prohibitively high for a lot of households now. So I think consumers are being painted into the corner of having to keep the vehicle on the road longer.”
Taking into account the electric vehicles that are popular right now as well, many people aren’t sure if they want to buy a gas-powered vehicle or opt for an electric one. Many are waiting until the market is potentially better in these aspects before buying new cars.
Despite all of the challenges that can arise when getting a new vehicle or looking into purchasing a new vehicle, the sales for new vehicles are up from last year.
Todd Campau said that over seventy percent of vehicles on the road are six or more years old. People are simply just keeping their cars longer and focusing on maintenance and repairs instead of purchasing a brand-new car. Inflation and interest rates have played a huge factor in this, but as sales continue to rise, there’s no worry about how the new vehicle market is doing.
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