The average age of cars and trucks within the U.S. has hit a record 11.8 years, as better high quality and technology permits folks to maintain them on the highway longer.
The recent figures from data provider IHS Markit present that the rate of increase is slowing, but the average age is still expected to go over 12 years early within the subsequent decade. The average age is up 0.1 yrs from 2018.
Folks are feeling more comfortable keeping vehicles longer because they have built quality than in the past, stated IHS Markit Director of Global Automotive Aftermarket Mark Seng.
“The quality is higher, lasting longer, and withstanding the climate,” Seng stated.
Plus, original owners are preserving their vehicles longer and maintaining them better because they’re financing them for longer, six or even seven years in many circumstances, he stated.
“That helps enhance the overall life of the vehicle,” he mentioned.
The western States have the oldest cars at 12 years, while within the Northeast, the average age is simply 10.9 years. That’s mainly due to less stop-and-start traffic that wears on a vehicle.
Helena Montana has the oldest average age at 16.5 years, whereas the youngest is Vermont, with an average age of 9.8 yrs.
The aging cars should be a boon to restore retailers, which can wish to change methods to cater to house owners of older vehicles who might need to spend much less on components, Seng stated.
The variety of light vehicles in use within the U.S. also hit a file of more than 278 million this year, according to IHS, which tracks vehicle registrations nationally.