S&P Global Mobility found that the average vehicle age has reached new heights, marking a trend toward keeping older cars longer. The report highlighted that over the past year, the average age of passenger vehicles rose to 12.6 years. This is an increase from the previous year by two months.
A total of 286 million vehicles were reported to be operational last year, a statistic that almost equals the national population.
Between 2015 and 2019, car sales surged, filling roads with newer models. However, subsequent shortages linked to the pandemic decelerated new vehicle introductions into the marketplace. Although inventories are stabilizing now, high interest rates paired with economic uncertainties continue to discourage potential buyers.
According to experts, advances in automobile technology have led to longer-lasting cars and safer driving experiences. This enhancement in vehicle quality supports why older models like the Toyota Camry remain prevalent on roads.
Consumer preferences have dramatically shifted since 2016 towards SUVs and crossovers, which impact fleet compositions significantly. Data shows that while 27 million passenger cars were retired from operation post-2020, only about half that number was registered anew during this period. Concurrently, registrations of light trucks nearly doubled compared to their scrappage.
A noticeable shift highlights a decline in car purchases and availability of fresh models leading many to hold onto older vehicles such as the Toyota Camry. The 2010 model was particularly noted for its high sales topping other popular models like Honda Accord and Civic during its time.
This trend reflects broader market dynamics where cost considerations, utility preferences and improved vehicle durability reshape American driving habits traditionally dominated by frequent upgrades to newer models.
Source: The Autopian
