Average Age of Vehicles in Use in U.S. Hits New Record: 12.5 Years
• The pandemic, supply chain crisis, new vehicle prices and interest rates can all be cited as causes.U.S. consumers are keeping their vehicles longer than ever. A new study by S&P Global Mobility Group concludes that the average age of personal vehicles in the U.S. has reached a new high of 12.5 years.
This is not a surprise and there are multiple factors. Covid 19 dampened new-car sales and it has also led to an ongoing global parts shortage and supply chain crisis. Concurrently, the prices of new vehicles have skyrocketed, as have interest rates. It's understandable that many owners are holding onto their vehicle longer than ever.
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