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Americans Keeping Cars Longer To Save Money

Car driving | Image by Pixabay

The average age of vehicles on the road in the U.S. has hit a new record as Americans hang onto their cars longer because of the high price of replacing them, reports Fox 4 KDFW:

“DETROIT – More Americans are hanging on to their older vehicles longer, a record, because newer ones are simply too expensive, new findings showed.

“S&P Global Mobility, which tracks state vehicle registration data nationwide, cars, trucks, and SUVs in the U.S. keep getting older, hitting a record average age of 12.6 years in 2024.

“However, 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.

“Still, with an average U.S. new-vehicle selling price of just over $45,000 last month, many can’t afford to buy new — even though prices are down more than $2,000 from the peak in December of 2022, according to J.D. Power.”

To read the entire article on Fox 4 KDFW, please click HERE.

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