America, Your Cars Are Getting Old
Is America's Aging Car Fleet a Crisis?
In the U.S., the average age of vehicles has reached a record high of 12.6 years in 2024, influenced by the high costs of new cars, with average prices over $45,000. Despite a slight reduction in vehicle prices from their peak in December 2022, many Americans continue to hold onto older vehicles due to affordability issues and concerns over the adequacy of electric vehicle charging infrastructure. The trend of aging vehicles is expected to stabilize as new vehicle sales improve, moving towards pre-pandemic levels with an anticipated 16 million sales this year.
How are improvements in vehicle manufacturing affecting the longevity of cars, trucks, and SUVs?
Improvements in vehicle manufacturing have led to increased longevity of cars, trucks, and SUVs. According to the Society of Automotive Engineers, the average age of vehicles on the road has been steadily increasing over the years. In 2022, the average age of vehicles in the U.S. was more than 12 years old. This increase in average age is due to a combination of factors, including improved vehicle quality, better maintenance practices, and the rising cost of new vehicles.
Improvements in vehicle quality have been driven by advances in materials, manufacturing processes, and technology. For example, the use of advanced materials such as high-strength steel, aluminum, and composites has made vehicles lighter and more durable2. Additionally, improvements in manufacturing processes have led to better build quality and fewer defects.
Better maintenance practices have also contributed to the increased longevity of vehicles. Regular maintenance, such as oil changes, tire rotations, and brake service, can help keep vehicles running smoothly and prevent major problems from developing.
Finally, the rising cost of new vehicles has led many consumers to hold onto their vehicles for longer periods of time. As a result, vehicles are being driven more miles and for more years than in the past.
Overall, improvements in vehicle manufacturing have had a significant impact on the longevity of cars, trucks, and SUVs. As a result, vehicles are lasting longer and providing consumers with more value for their money.
What are some of the concerns consumers have about switching to electric vehicles?
Consumers are hesitant to switch to electric vehicles (EVs) due to several concerns. One major worry is the cost of new vehicles, which remains high despite recent price reductions6. As of last month, the average new-vehicle selling price was just over $45,000, which is still prohibitively expensive for many households. Additionally, potential EV buyers are concerned about the availability and reliability of the charging infrastructure. They fear running out of battery power during their travels due to insufficient charging stations. Another factor contributing to consumer hesitation is the decision-making process regarding whether to choose an electric vehicle, a gas-electric hybrid, or stick with a traditional gasoline vehicle. This indecision is compounded by the fact that modern vehicles are more durable and last longer, encouraging consumers to delay purchasing new ones.