AUTOS Average U.S. vehicle age hits record 12.6 years as high prices force people to keep them longer

CNBC ^ | MAY 22 202412:47 PM EDT

[BradtotheBone]

Cars, trucks and SUVs in the U.S. keep getting older, hitting a record average age of 12.6 years in 2024 as people hang on to their vehicles largely because new ones cost so much.

S&P Global Mobility, which tracks state vehicle registration data nationwide, said Wednesday that the average vehicle age grew about two months from last year’s record.

But 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.

“It’s prohibitively high for a lot of households now,” said Todd Campau, aftermarket leader for S&P Global Mobility. “So I think consumers are being painted into the corner of having to keep the vehicle on the road longer.”

[BradtotheBone]

Thanks Brandon.

[desertsolitaire]

I have four running vehicles; they are
8 years old
11 years old
19 years old
61 years old.

Admittedly, the 61 yr old gets driven lightly and in warm weather.

[HartleyMBaldwin]

18.5-year average for four vehicles here.

[PGR88]

Americans could produce a simple diesel car or truck, with no frills, that could be sold for $12K and last 500K miles.

The only reason it doesn’t happen is because government won’t allow it.

[God luvs America]

I have two cars- 2009 Acura TSX, 2011 Honda CRV. Keep them both in great shape. My prior car, 1991 Acura Integra, i had for 20 years & 300K miles.

I love cars but they are many better ways to spend your $$$ IMO. My in laws get new cars every three years- and complain they don’t own anything.

[Psalm 73]

"Admittedly, the 61 yr old gets driven lightly..."

It's a 1963 what? (I gots to know)

[hinckley buzzard]

Don’t complain, Citizen. Our leaders remind you, you never had it so good.

[Codeflier]

Welcome to Cuba.

[jdt1138]

24

[ridesthemiles]

I have 45 year old car

I have 48 year old truck

LOVE MY OLD IRON.

[CurlyDave]

Thanks Brandon.

Actually there are two effects in play here.

1. Bidenflation

2. Higher quality and better longevity.

My 7 year old car looks and acts almost new.

[38special]

I own two pickup trucks. One is ten years old and the other twenty. My wife’s car is five years old.

[The FIGHTIN Illini]

18.7 years here

2015 Jeep Rubicon
2003 F250 Diesel
1998 Honda Accord

[princeofdarkness]

Hey you gotta admit. Those Cubans know how to keep those ‘58 Chevy Impalas and Bel-Airs running.

[ridesthemiles]

Combined mileage ===571,000

Owned a Pontiac wagon I bought new——put OVER 444,000 miles on it in 30 years. Wish I still had it.

[1Old Pro]

Yep, I’m average as far as this goes. Really having a tough time contemplating spending $600-$800/month on a vehicle.

[rktman]

Barring unforseen circumstances, bought my last vehicle in 2011. Won’t be buying another. 87k miles so not bad. 🛻⛽

[waterhill]

My last 2 GM trucks had nearly half a million miles each. My current truck has 200k on it.

[OSHA]

2011 Ram Sport Single Cab Hemi 4x4 (Baby makes me smile!)
2015 Murano (Wife-mobile)
2003 GMC Sierra 1500HD 4x4 (Towing my backhoe and trips to my 10 acres in Newton County AR)
2006 Jeep Cherokee (Just a spare that I bought cheap)

I take good care of all of them and have the $$ for repairs if needed.

[jjotto]

One set of stats I saw was average non-luxury brand new vehicle is $44k, and average new luxury brand vehicle is $62k. Ouch!