Average Age Of US Vehicles Reaches Record High
View Source | May 15, 2023 10:27 am
Click to read full article
- 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.
- A 35-year-old grocery store worker from Grand Rapids, Michigan, Holdsworth would probably be in the market for a vehicle within a few years — if not for the high cost. For now, it’s out of the question. “You’re not going to get one for a price you can afford,” he said.
- Holdsworth has plenty of company. Americans are keeping their cars longer than ever. The average age of a passenger vehicle on the road hit a record 12.5 years this year, according to data gathered by S&P Global Mobility. Sedans like Holdsworth are even older, on average — 13.6 years.
Share This Article: