The average age of a passenger vehicle on the road hit a record 12.5 years this year.
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. ANN ARBOR, Mich.
Prices reached record highs. And though they’ve eased somewhat, the cost of a vehicle still feels punishingly expensive to many Americans, especially when coupled with now much-higher loan rates. 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.
“You see cars all the time in here with 250,000, 300,000 miles,” said Jay Nuber, owner of Japanese Auto Professional Service, a repair garage near downtown Ann Arbor, Michigan. “They haven’t been really having major work or anything. They’ve just been doing the service.” “The repair-versus-buy equation changed,” said Todd Campau, an associate director with S&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.
Even with more durable vehicles able to last longer, all of this has created a boom time for auto shops. Through most of last year, Nuber’s Japanese Auto was overwhelmed with customers. It took up to three weeks to get an appointment, whether for repairs or the routine maintenance that older vehicles, in particular, require.It’s now at the point where some vehicle owners must decide whether to pay for a repair that costs more than their vehicle is worth.
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Repelled by high car prices, Americans are holding on to their vehicles longer than everAmericans are keeping their cars longer than ever
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Repelled by high car prices, Americans are holding on to their vehicles longer than everAmericans 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, according to data gathered by S&P Global Mobility. Sed…
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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 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 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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