Cars, trucks, and SUVs across the U.S. are getting older, with the average vehicle age now at a record 12.6 years. According to S&P Global Mobility, which monitors state vehicle registration data, high prices for new cars and massive economic pressures on buyers account for the trend, ABC News reports.
Despite a small recovery in new vehicle sales and a recent drop in prices — the average new car cost just over $45,000 last month, down from a peak in December 2022 — many people still find new cars too expensive. “It’s prohibitively high for a lot of households now,” said Todd Campau, aftermarket leader at S&P Global Mobility. “So I think consumers are being painted into the corner of having to keep the vehicle on the road longer.”
That’s why I have a 13 year old Camry, a 20 year old Rav4 and a 21 year old Buick Regal GS.
It’s easier to spend a hundred or so dollars a month on maintenance ( not including tires or gas ) than a $400 or so a month car payment.
Remember Obama’s ” cash for clunkers ” ????
Not to mention the outrageous price for insurance right now
I think that it’s great that average age of vehicles is over 12 years. Don’t blame it on inflation. Maybe people are just getting smarter. There’s no reason to buy new cars more often than that. I too have old vehicles and always have made a habit of running them until the financial issues don’t make sense. People should stop trying to keep up with the Jones’ and stop trying to be like lifestyles of the rich and famous. And once you do that, you can also stop complaining about inflation and interest rates and all the other BS dog whistles aimed at avoiding personal responsibility. Work hard, save, invest, live simply — because the best things in life are free.
My car is 13 years old and my husband’s pick-up is older than that, but they are both in good shape and we keep them well maintained, so why jump into care payments just for the sake of having a newer vehicle? Not gonna do it!