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| Average Age Of Vehicles On US Highways Keeps Getting Older |
| 2022-05-24 |
| [ZERO] The average age of vehicles on US highways rose for the fifth consecutive year and to a record high, as supply-chain disruptions and inventory challenges prompt owners to hold on to their cars and trucks longer, according to research from S&P Global Mobility. Semiconductor shortages and inventory challenges were the top drivers in pushing US average vehicle age to 12.2 years, another all-time high. Chip supply constraints have caused continued parts shortages for carmakers, who have been forced to cut production. The constrained supply of new cars and light trucks, amid a strong demand for personal transportation, could have influenced consumers to continue operating their existing vehicles longer, as inventory levels for both new and used vehicles were depleted across the industry. - S&P Global Mobility The finding reflects that used car life cycles are being extended because new vehicle supplies are tight. Kelley Blue Book recorded average new car prices at $46,526 in April, another obstacle for prospective buyers. Despite used car prices reversing from lofty levels, they remain out of reach for many, thus consumers are holding on to their vehicles longer. About a decade ago, a used vehicle with over 100,000 miles would've been deemed a lemon by a consumer, though now, it's common to see multiple owners for one with 200,000 miles. The increasing average vehicle age and higher mileage point to a "notable increase in repair revenue in the coming year," Todd Campau, associate director of aftermarket solutions at S&P Global Mobility, told Bloomberg. There's reason to believe the average age of vehicles on US highways will continue marching higher as tight supplies of new and used cars have sparked an unaffordability crisis. |
| Posted by:Besoeker |
| #8 Frank, you should have called me. I just scrapped my '89 Ranger. Vehicles are getting better. It's the rust here in New England that finally gets them. My last car had 250K and the engine and drive train were fine, but the body was badly rusted and finally the gas tank needed replacing, which was a big deal, along with about $3K of "deferred maintenance". If I'd done all that, I'd still have a 15 year old rusty car. |
| Posted by: KBK 2022-05-24 19:39 |
| #7 carbon neutral Chinese Cadillacs Carbon neutral except for when they burn or explode your face off. Hyundai recalls 239K vehicles due to exploding seat belt component |
| Posted by: Skidmark 2022-05-24 16:18 |
| #6 Last year, when I traded in my '04 F-150 (Drink up!) for a new one, I didn't get squat in trade-in value. Probably because it had 240K miles on it. Still running great and in good shape. |
| Posted by: Frank G 2022-05-24 13:32 |
| #5 The "Car Allowance Rebate System" was a federal program active in 2009. About 700k cars were turned in. It was part of the "help car companies' effort that year. A lot of States had their own version of this. |
| Posted by: Lord Garth 2022-05-24 12:50 |
| #4 Because there was a huge kill-off of older cars, called "cash for clunkers" that artificially reduced the average age of cars. Now things are returning towards normal. |
| Posted by: Rob Crawford 2022-05-24 11:19 |
| #3 If it wasn't for the Gas Crisis of the 70s, American's by and large would never have had the experience of Japanese cars which strangely enough were build right to begin with, engineered well to last an owner, and came without a piece of MSRP paper dangling half way down the door from the window with all the $$ extras. In order to survive, American manufactures had to make a half way decent effort (beyond lobbying for import quotas) to make their products survive more than a model year or two down the road. |
| Posted by: Procopius2k 2022-05-24 08:32 |
| #2 The emergence of high quality used car merchants in the US began about 15 years ago. It was enabled by the fact that cars were better than they were 20 or 30 years ago. This is one reason, maybe the most important reason for the phenomenon cited. |
| Posted by: Lord Garth 2022-05-24 07:22 |
| #1 Globally, most people do not own an automobile. You are no better than most people. Use public transportation or your carbon neutral Chinese Cadillacs. |
| Posted by: Besoeker 2022-05-24 02:36 |