Posted on 05/22/2024 11:59:46 AM PDT by 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.”
(Excerpt) Read more at cnbc.com ...
In 2007 I bought a 95 4-Runner for $5,000. Still have it and it’s still going. Best auto buy I ever made.
1948 Plymouth Special Delux, 1952 Pontiac Chieftan straight 8, 1956 Studebaker, 98 Mark Eight, a pair of 20-year-old Continentals, and the new youngster, a 2017 Expedition.
The Expedition is so complex I bought an extended warranty and when it runs out, the Expedition will go. I plan on replacing it with a truck from the seventies.
Climate a little more favorable than constantly spraying brine throughout the winter in Ottawa, etc.
I have 2. A 2007 Jaguar S Type and a 2016 Mercedes E350. Both paid for. Keep them up and both have low mileage. They’re not going anywhere soon. Probably my last 2 cars.
We have an excellent extended warranty program through Lexus that covers everything except normal wear and tear items. We drove it to San Diego last spring and the battery went tits up. I took it to the local Lexus dealer expecting to buy a new battery. They actually replaced it free of charge.
The F-150 is maintained by me and I have been able to fix anything that it needs so far. I periodically look it over to see what can be the next issue with it. I am planning on replacing the A/C compressor in a few weeks because it’s the original one. Staying ahead of things that could be a problem has always served me well.
$45,000 but they are down $2000. Why are people not snatching up these bargains?
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