Average age of passenger cars in the US now up to 14 years, says a new study

(News Nation) — Many drivers across the U.S. are partying like it’s 2010. At least, they’re driving like it.

A study of nationwide vehicle registration data found that the average age of passenger cars currently on the road is 14 years. The average age of light trucks is 11.9 years. The overall vehicle average is 12.6 years.

Survey by automotive industry consultants S&P Global Mobility They blame the rising cost of new cars and the reluctance of many drivers to buy electric vehicles.

“The combination of these factors is leading consumers to keep their vehicles on the road longer, increasing their average age,” wrote study authors Nishant Parekh and Todd Campau.

The average price of a new vehicle in March was just over $47,000, according to S&P.

While many people are reluctant to pay that much for a new car, some new factors may be at play: “A strong belief among consumers that automakers’ latest and greatest products are inferior to the ones they’re replacing,” writes a Wall Street Journal auto columnist. Dan Neil.

According to Neil, the reason for this is that These issues stem from new features that many people don’t want in their cars, including “stop-start cycling systems, which shut off the engine to conserve fuel when the vehicle is stationary, and continuously variable transmissions (CVTs), which are common in smaller cars with small-displacement engines.”

And then there’s the issue of privacy.

“Some worry that new digitally connected vehicles could expose personal information to China, or even worse, to insurance companies,” Neal wrote.

Used car dealers may be the biggest losers from this new trend. Cars.com The company said the national used-vehicle supply in January was 4% lower than January 2022, meaning 800,000 fewer used vehicles were sold that month. And while the current average price ($28,859) is down about 3%, it’s still 36% higher than before the COVID pandemic.

The winners are repair shops and auto parts stores.

According to the S&P research, “opportunities continue to improve for companies in the U.S. aftermarket and vehicle service sector as repair opportunities are expected to increase as vehicles age.”

What is the longest-owned car? According to an online car sales site, Japanese cars Watch Kars. The top 10 for cars kept for 15 years or more are dominated by three brands: Honda, Toyota, and Subaru.

According to the company’s research, 13.7% of Americans who buy a new Toyota Prius keep it for 15 years or more.