Americans are keeping their cars longer than ever. The average age of a passenger vehicle on U.S. roads hit a record 12.5 years this year.
With new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and his overall debt is a bigger priority for him than having a new vehicle.
Since the pandemic struck three years ago, the average new vehicle has rocketed 24% to nearly $48,000 as of April, according to Edmunds.com. 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.
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.&P. Even with rising repair costs, Campau said, it's still typically more cost-effective to fix an older vehicle than to spring for a purchase.
On Friday, Weber said, one customer needed rear brakes, wheel bearings and exhaust system repairs. The customer decided to do only half the repairs and wait until later to decide whether to sink more money into the aging vehicle.&P predicts that U.S. new vehicle sales will reach 14.5 million this year, from about 13.9 million last year. A big reason is that the supply at dealerships is finally growing.
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Repelled by high car prices, Americans are holding on to their vehicles longer than everFaced with deciding between making a jumbo payment and keeping their existing vehicles, more owners are choosing to stick with what they have, even if it means spending more on repairs and maintenance.
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Repelled by high car prices, Americans are holding on to their vehicles longer than everWith new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and his overall debt is a bigger priority for him than having a new vehicle.
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Repelled by high car prices, Americans are holding on to their vehicles longer than everWith new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and his overall debt is a bigger priority for him than having a new vehicle.
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Repelled by high prices, Americans are holding on to their vehicles longer than everThe average age of a passenger vehicle on the road hit a record 12.5 years this year.
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Repelled by high car prices, Americans are holding on to their vehicles longer than everThe 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. Blame it mainly on the pandemic, which triggered a shortage of automotive computer chips, the vital component that runs everything from radios to gas pedals to transmissions. Prices surged to record highs. And though they’ve eased somewhat, the cost of a vehicle still feels punishingly expensive to many Americans.
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Repelled by high car prices, Americans are holding on to their vehicles longer than everThe 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.
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