The average U.S. vehicle age is now at 12.6 years, its highest number in over a decade.
The average listing price of a used vehicle in the U.S. is $25,251, as of July 2024.
While new vehicle inventory in 2024 has reached a three-and-a-half-year high, small cars and other entry-level vehicles (those priced below $20,000) make up just 0.7% of the market, compared with 7% five years ago.
Since 2003, vehicles have exhibited fewer problems, highlighting a growing reliability that is a boon to consumers.
This is new research by the Specialty Equipment Market Association (SEMA) is shedding light on the latest trends and developments in vehicle lifecycles
The average age of the 4 cars in my family ('05, '06, '11 and '19) is 14.7 years. The 2011 is my daily, and it's over the average age, at 14 years. If I can help it, I'd like to drive it another year or two, to avoid another car payment.
ReplyDeleteI bought my current Veloster in 2015, it's nearly 9.5 years old, I hope to keep it a couple more years, as insurance every month is 190. That's nearly a car payment itself. I think the next car will have to be used, and probably have to deal with repairs... but, I'm hoping for a Miata, or maybe for low upkeep, etc, a hybrid Toyota. The price of gas is low right now, compared to the past couple of years, and 4.45 a gallon is still 50bucks to tank up... my current 22 mpg is a tank a week. I'd like to cut that in half with a hybrid, or, get a much more fun and smaller car, like the earlier Miatas. Or a 1960s Mini. Or VW Bug, but what ever the next car is, it's gotta have AC, and lots of it.
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