Average US vehicle age hits record 12.6 years as high prices force people to keep them longer
Is the U.S. Auto Age Boom Unsustainable?
In the U.S., the average age of vehicles has reached a record 12.6 years in 2024, driven by high prices that deter new purchases. The increase in vehicle age is beginning to slow due to a recovery in new vehicle sales following pandemic-related parts shortages. Despite a slight decrease in prices, the average cost of new vehicles remains steep at over $45,000, keeping many consumers reliant on older cars. Factors like the evolving electric vehicle market and improved vehicle durability also contribute to this trend.
What is the current average age of vehicles in the U.S. as of 2024?
The current average age of vehicles in the U.S. as of 2024 is 12.6 years. This is a record high and has been attributed to factors such as high prices of new vehicles and improvements in the quality of vehicles, causing them to last longer.
What is the current average age of vehicles in the U.S. as reported in 2024?
The current average age of vehicles in the U.S. as reported in 2024 is 12.6 years. This information comes from S&P Global Mobility, which tracks state vehicle registration data nationwide. The average age grew about two months from the previous year's record. Factors contributing to this increase include the high cost of new vehicles, people waiting to see if they want to buy an electric vehicle or go with a gas-electric hybrid or a gasoline vehicle, and the fact that vehicles are made better these days and simply are lasting a long time.