Americans driving their vehicles for 12 years because they cannot afford new ones: Report
People living in the U.S. are driving their vehicles for as long as 12 years due to the rising costs of brand new ones, a new report has shown.
The average age of a vehicle in the United States has risen by two months to 12.6 years, as Americans are holding on to their old wheels and reluctant to discard them for new ones, according to S&P Global Mobility, which monitors vehicle registration and offers automotive data, research, and insights.
Automobile analyst Todd Campau says it’s because many American families can’t afford to purchase new rides and are instead opting to use their current highly durable vehicles for longer periods.
“It’s prohibitively high for a lot of households now,” VOA cited Todd Campau, aftermarket leader for S&P Global Mobility. “So I think consumers are being painted into the corner of having to keep the vehicle on the road longer.”
Aside from the high cost, some Americans are indecisive and weighing their options between buying an electric vehicle, a gas-electric hybrid, or a gas vehicle.
Their indecision is fuelled by concerns that electric vehicles may not be able to travel long distances due to the batteries’ charging capacity.
They are also keen on milking the durability benefits of their current vehicles, which are still functioning well.
Local auto repair workshops are the biggest beneficiaries of the decline in new car sales. They are the first point of call for vehicle owners who want to fix their cars after the manufacturer warranties expire.
