Soaring prices for new cars have increased the market for used vehicles.
The average age of US cars hit an all-time high last year.
The average car in the US was about 12 years old in 2020, an increase of nearly 2 months over the previous year, as COVID-19 shutdowns kept many people at home and their cars off the road, according toThe average age of cars has been steadily increasing for about 15 years now due to higher prices for new cars and the increasing longevity of vehicles, IHS said.
"2020 was a radical departure from the norm and challenged assumptions about how vehicle owners use their vehicles and accumulate miles," Todd Campau, the associate director of aftermarket solutions at IHS, said in the press release.the longevity of vehicles has helped push used-car sales higher in an already red-hot market. He said cars are now more likely to change hands multiple times and last for over 200,000 miles.
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