Americans Driving Their Old Cars A Lot Longer

Driving a brand new car is less important to a lot of Americans these days, new research suggests. According to a new study of vehicle registration data across the country, the average age of a passenger car on the road today is 14.4 years. It’s a little less for light trucks, with an average age of 11.9-years, while the average age of all vehicles is 12.6-years. This is the longest we've held on to our cars since the study started in the mid 90's.

So why are people holding onto their cars for longer these days? The study from S&P Global Mobility, which provides data and insights on the auto industry, blames both high prices of new vehicles and the fact that a lot of drivers are reluctant to buy electric vehicles. S&P reports that the average price of a new vehicle in March was slightly more than $47-thousand and a lot of people are hesitant to pay that much.

The trend of keeping your old car for longer may be bad for car dealerships, especially used car dealerships. The nationwide supply of used vehicles in January was 4 percent lower than January of 2022. That’s 800,000 fewer used cars for sale that month.

Repair shops and auto parts stores are the big winner here. But which cars are people holding onto the longest? Research shows Japanese cars, including Honda, Toyota and Subaru make up the entire top 10 list of cars people keep for 15 years or longer.