Americans are keeping their cars longer than ever, with the average age of a passenger vehicle hitting a record 12.5 years. While prices have eased after pandemic highs, the cost of buying a new or used vehicle still feels punishingly expensive to many.
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.
Used vehicle prices, on average, have surged even more since the pandemic hit — up 40%, to nearly $29,000. With an average loan rate having reached 11%, the typical monthly used-vehicle payment is now $563. It doesn’t mean that most owners of older vehicles are necessarily stuck with constant repair bills. One reason people can hold their vehicles for increasingly long periods is that auto manufacturing has improved over time. Engines run longer. Bodies don’t rust as quickly. Components last longer.
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