The average age of cars and light trucks on the road in America has increased by two months to 12.6 years, according to S&P Global Mobility data.
The average age of cars and light trucks on the road today in the United States has hit a new record of 12.6 years in 2024 as new vehicle prices remain high, according to vehicle registration data tracked by S&P Global Mobility. The company says that’s an increase of two months since the end of 2023. The average selling price of a new vehicle in the U.S. last month was around $45,000, The Associated Press is reporting, citing data from J.D. Power.
Today they represent less than 90M vehicles and are not expected to reach that threshold again until 2028 when they will represent about 30% of VIO, according to S&P Global Mobility estimates," it said. "This is driven by the impact of COVID and subsequent supply chain shortages that disrupted vehicle supply and registrations -- and following historically high volumes in 2015-2019," the company added. CAR INSURANCE RATES SURGE AGAIN S&P Global says companies in the U.S.
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