Average Vehicle Age in the U.S. Grows to 10.5 Years
As new car prices continue to rise, drivers are holding onto their current car for a little bit longer
It’s certainly no secret that new car prices have grown more expensive during the past few years. In fact, the average new vehicle loan price recently hit a record of $31,455 earlier this year.
As such, it also shouldn’t be surprising to learn that more drivers are holding on to their current vehicles for longer. A study by the Department of Transportation revealed that the average vehicle age in the U.S. has grown to 10.5 years.
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Which Kind of Cars Are Customers Keeping?
Not even a decade ago in 2009, that average age was just 9.3 years. Furthermore, this 10.5-year figure is for vehicles that are constantly “in use.”
Drivers don’t hold onto every class of vehicle for the same amount of time. For example, the average age of a passenger car is 10.3 years, up from the average age of 9.5 years in 2009.
Drivers are holding onto trucks for the longest amount of time: 13.6 years for light pickup trucks. Meanwhile, they are trading in or disposing of SUVs much earlier, with an average age of 8.5 years for that particular segment.
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Who Is Holding Onto Vehicles for Longer?
People with less money are holding onto their vehicles for a longer period of time. Among drivers who make less than $25,000 a year, the average vehicle age is approximately 13 years old.
Meanwhile, those that make over $100,000 a year turn in their vehicle after an average of 8.9 years. This should surprise no one, as many lower-income consumers are finding themselves priced out of a new car purchase.
Instead, these drivers are turning to the used car market. This action, in turn, has led to Americans spending more money on vehicle maintenance and repairs.
The global recession back in the late 2000s has convinced consumers to hold off an purchasing a car until absolutely necessary. As new car prices continue to rise, it would seem that this trend shows no signs of reversing.
News Source: CarScoops