[T.B. Yoits]

It might also have to do with the fact that the average age of a car on the road is 12.6 years.

From May 23, 2024:
https://www.caranddriver.com/news/a60882953/average-age-us-cars-trucks-suvs-rises/

Older cars have less value and are harder to get parts for, both of which increase the likelihood they'll get written off.

[steve86]

"Older cars have less value and are harder to get parts for"

Older vehicles 5-20 years old are easier to get parts for. Body and repair shops are waiting months for new car parts (especially driver assist) whereas old stuff is readily available.