The average age of vehicles in use in the U.S. has continued to increase for a sixth straight year.
The average age of cars and light trucks in the U.S. is now 12.5 years, more than three months over the 2022 average, according to an S&P Global Mobility report released Monday. Passenger cars on average are older than light trucks, SUVs and crossovers by about two years, and electric vehicles on average are much younger than other vehicles.
Supply chain issues slowed the sale of new vehicles in the first half of 2022, and in the second half of the year consumer demand slowed in response to inflation and climbing interest rates. This year, the average price and payments for new vehicles has remained high.
This combination of factors has encouraged consumers to hold on to their current vehicles longer or purchase a used one, said Todd Campau, associate director of aftermarket solutions at S&P Global Mobility. Either of those choices contributes to the aging of the fleet.
This is the largest yearly increase in the average age of U.S. fleet since 2008.