The average age of a passenger vehicle on U.S. roads hit a record 12.5 years this year, according to data gathered by S&P Global Mobility. Sedans are even older, on average — 13.6 years.
Mechanic Jon Guthrie inspects the underside of a 2014 Honda Ridgeline pickup truck at Japanese Auto Professional Service in Ann Arbor, Michigan. People are keeping their vehicles longer due to shortages of new ones and high prices. That drove the average U.S. vehicle age up to a record 12.5 years in 2022, according to S&P Global Mobility.
Blame it mainly on the pandemic, which in 2020 triggered a global shortage of automotive computer chips, the vital component that runs everything from radios to gas pedals to transmissions. The shortage drastically slowed global assembly lines, making new vehicles scarce on dealer lots just when consumers were increasingly eager to buy.
. Typical loan rates on new-car purchases have ballooned to 7%, a consequence of the Federal Reserve’s aggressive streak of interest rate hikes to fight inflation.It’s all pushed the national average monthly auto loan payment to $729 — prohibitively high for many. Experts say a family earning the median U.S. household income can no longer afford the average new car payment and still cover such necessities as housing, food and utilities.
Auto mechanics have been struck by the rising ages and mileages of vehicles that now arrive at the shop in numbers they’d never seen before. Yet the cost of buying either a new or used vehicle is leaving more people with essentially no choice but to keep the one they have. In such cases, the third or fourth owner is getting a much older car than they would have in the past. Nearly 122 million vehicles on the road are more than a dozen years old, Campau said. S&P predicts that the number of older vehicles will keep growing until at least 2028.
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