Americans Are Keeping Their Cars Longer, as Vehicle Age Hits 12 Years
roadways rose to a record 12.1 years last year, as lofty prices and improved quality prompt owners to hold on to their cars longer.
It was the first time the average vehicle age rose above 12 years, according to data released Monday by research firm IHS Markit.While the average vehicle age has risen steadily over the last 15 years, the trend accelerated during the coronavirus pandemic partly because of a drop in new-car sales, IHS said.
The finding reflects the stronger value of vehicles throughout their life cycles, from higher new-vehicle prices Americans have been paying for years to steeper prices on the used-car lot, said Todd Campau, associate director of aftermarket solutions at IHS.Improved vehicle quality also is a factor, he said.