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The average age of vehicles has increased by about two months compared to the 2023 record
S&P Global Mobility, which monitors vehicle registration data across the country, reported that in 2024, vehicles of all types in the United States have reached a record average age of 12.6 years, reflecting the trend of Americans keeping their vehicles longer due to the high cost of new vehicles.
The average age of vehicles has increased by about two months compared to the 2023 record, but this growth has begun to slow. In 2023, the average age had increased by three months. According to experts, the slower growth is due to a recovery in new vehicle sales following the shortage of parts, including computer chips, that affected the market during the pandemic.
The average cost of new vehicles in the United States, which last month stood at just over $45,000, remains unaffordable for many buyers, despite a decrease of more than $2,000 from the peak reached in December 2022, according to J.D. Power. Todd Campau, aftermarket leader at S&P Global Mobility, this forces consumers to keep their vehicles longer, says Transport Topics.
Factors influencing vehicle retention
Price is not the only factor influencing vehicle retention; other factors include indecision about purchasing electric, hybrid, or gasoline vehicles and concerns about charging infrastructure. Additionally, advances in manufacturing quality have also prolonged the lifespan of vehicles.
Sales of new vehicles in the U.S. are starting to bounce back to levels seen before the pandemic, with projections suggesting they will hit 16 million this year, up from 15.6 million last year. Currently, prices and interest rates are the primary influences on sales, overshadowing previous concerns like supply chain disruptions or the pandemic.
With the increase in new vehicle sales and the subsequent replacement of older ones, the average age of vehicles is expected to stabilize. Greater availability of low-cost vehicles could also contribute to a reduction in the average price.
On the positive side, the fact that owners are keeping their vehicles longer benefits local repair shops. Approximately 70% of vehicles on the road are over six years old, exceeding the manufacturer’s warranty period. Consequently, those who keep their vehicles for several years tend to adhere to the manufacturer’s maintenance programs, ensuring continuous and proper care of the vehicle, as well as a gain for the local economy.
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