Americans keeping cars longer, research shows
zstockphotos/iStock(SOUTHFIELD, Mich.) — Americans are continuing to hold on to their cars and trucks rather than purchasing new vehicles, new research shows.
According to data company IHS Markit, the average age of cars and trucks on U.S. roads rose to 11.8 years this year.
“Better technology and overall vehicle quality improvements continue to be key drivers of the rising average vehicle age over time,” explained Mark Seng, director, global automotive aftermarket practice at IHS Markit.
Seng noted that there was a 40 percent drop in new vehicle sales following the recession which “created an acceleration in average age like we’ve never seen before.” But over the last couple of years, “average age has returned to its more traditional rate of increase,” he said.
The oldest vehicles on the road can be found in the West, where the average age is 12.4 years. The youngest cars and trucks, meanwhile, are in the Northeast, where it’s 10.9 years.
Copyright © 2019, ABC Radio. All rights reserved.
Leave a Reply
You must be logged in to post a comment.