When it comes to vehicles, drivers are holding on to their keys. A new study finds the high prices of newer models are keeping people out of the dealerships.
The data from S&P Global Mobility, a company that monitors vehicle registration data, are a combined average of the age of cars and light trucks in the U.S.,“With average age growth, more vehicles are entering the prime range for aftermarket service, typically from 6 to 14 years of age,” said Todd Campau, a spokesman for the survey.
Vehicles wait in rush-hour traffic on Interstate 70 Friday, July 28, 2023, in Kansas City, Missouri. When delving into specifics, the average age of cars in the U.S. is 14 years in 2024. Light trucks, meanwhile, are at an average age of 11.9 years.has remained steady at 3.5 years since 2019, indicating that a large majority of consumers are not ready to take up these vehicles.The automobile industry is one of several areas in the economy that is being affected by inflation, which is expected to play a major role in motivating voters this November.