Data Finds That The Average Age of a Driven Vehicle in the U.S. is 12-Years-Old
As the number of cars on American roads continues to increase, so does the average age of individual vehicles according to data compiled by S&P Global Mobility. According to the report, the average age of cars is 13.1 years, while the average age of light trucks is listed at 11.6 years. Overall, the average age of a vehicle being driven in the U.S. comes to 12.2 years. The growing number of Battery-electric vehicles (BEVs) has also become a contributing factor in the transition of ownership from vehicles with Internal-combusion-engines (ICE).
According to the report, 2022 is the fifth consecutive year in which the average vehicle age in the US has increased. “This year’s average age marks another all-time high for the average age even as the vehicle fleet recovered, growing by 3.5 million units in the past year.”
The average vehicle age in the US can also be linked to pandemic challenges directly affecting dealerships across the country with limited supply issues, production cuts, the global microchip shortage, and the rising cost of new units. All of this, despite the continued high demand for new cars and trucks, has influenced some owners to hold onto their personal vehicles a little while longer.
Experts believe that the average vehicle age in the US will continue to rise through 2022 and 2023.
“The lack of adequate supply of new vehicles to meet the increasing demand will continue to set the upper limit for scrappage rates, which will continue to provide upward pressure on average age,” the report says. “While some of the new vehicle demand has been destroyed, as supply chain challenges ease, some pent-up demand for new vehicles is expected to be realized through the middle of the decade. At that time, scrappage rates could increase, creating the climate for average age to moderate or even reduce slightly,” says Todd Campau, the associate director of aftermarket solutions at S&P Global Mobility.
So if you’ve got that project car sitting in your garage, lying in wait, there is no better time than now to get that thing out on the road.