This time last year, GM Authority reported that the average age of vehicles in the United States rose to a then-record of 12.5 years in 2023. Now, one year later, this statistic has hit a fresh all-time high for 2024.
According to a report by S&P Global Mobility, the average age of U.S. vehicles now stands at 12.6 years, up slightly from the year prior. Of course, this could be interpreted as good news for those who work in the aftermarket and vehicle service sectors, where repair opportunities are expected to grow alongside vehicle age.
It’s worth noting that the increase in the average age of vehicles is showing signs of slowing as new registrations stabilize.
“With average age growth, more vehicles are entering the prime range for aftermarket service, typically from six to 14 years of age,” S&P Global Mobility Aftermarket Practice Lead Todd Campau remarked in a prepared statement. “With more than 110 million vehicles in that sweet spot – reflecting nearly 38 percent of the fleet on the road – we expect continued growth in the volume of vehicles in that age range to rise to an estimated 40 percent through 2028.”
In addition, with 286 million vehicles in operation – which includes roughly 3.2 million electric vehicles – the distribution of vehicles by age is changing. In regard to EVs specifically, while the rate of all-electric adoption has been slower than anticipated, registrations did surpass the one million mark for the first time last year for a 52-percent jump from 2022 figures. Interestingly, the average age of electric vehicles currently sits at 3.5 years, or well below that of the U.S. automotive fleet as a whole.
“We started to see headwinds in EV sales growth in late 2023, and though there will be some challenges on the road to EV adoption that could drive EV average age up, we still expect significant growth in share of electric vehicles in operation over the next decade,” Campau continued.
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Comments
Of course they are getting older, people can’t afford new vehicle prices.
LOL at S&P Global ALWAYS pushing the EV BS.
Of course they’re older. Have you seen the cost of cars? My vehicle is a 2012 Suburban. I got it because its low mileage, clean Carfax, and decent price made it basically a new car, but with 12 years in existence. It’s cheap to insure with full coverage. It’s everything I want and need. And it replaces a 2015 Traverse with 189,000 miles of good service over four years. Because why would I buy anything newer if I don’t have to? An older generation or two is usually the better option for most people. Who cares about the EVs? That’s even worse than the price of new gas cars. Which is one of the other reasons not to get one. Guarantee, cars will get older and older. No one wants to pay for them.
This region uses liquid road chemicals, and you’ll be lucky to get 12 years max out of a daily driver. There simply isn’t anything left.
My 2014 Silverado rcsb has 90k miles. Looks and runs great. With the price of new vehicles and the lack of rwd choices why would I want to change vehicles? There is nothing that make me say, ‘Oh, I want one of those’. I’m retired so I will keep what I got.
Same here, my 2012 rclb Silverado has 94k miles. I bought it new and it still runs and looks great. I’m good for a few more years. Will probably hand it down to my 12 year old grandson when he’s ready.
Also, the planned obsolescence has been made sooner and sooner. Just look at the 254 Acadia, already has a “service notice.”
This is a no brainer!! Trucks/SUVs/Cars/ and now EVs are ALL WAY TO EXPENSIVE!!
I have a 1998 C/K 1500 with the tried and true 350 motor 253K miles on it, that my 14 year will be driving to school. I also have a tuned 2018 Denali 6.2L. I got rid of the junk AFM! It has 47k miles on it. I love driving the truck, seats are super comfortable, it has great power, gets excellent fuel economy for 450HP, rides amazing with Magna-Ride, and still looks brand new!
1.1% of current vehicles on the road today are EV’s. But don’t forget, they are the future!
My fleet consists of a 15 year old Pontiac, a 12 year old Silverado, and a 5 year old Equinox. That’s a 10.6% average so I’m good!
With the advent of the EV, vehicles with combustion engine will be maintain for greater lengths of time thus the reflection of an aging American fleet.
My daily driver is a 1984 , my truck is a 2004, my son’s car I’m working on getting roadworthy is a 1979. Newest car in my fleet is a 2012. (Wife’s car)
With the cost of new vehicles, it’s justifiable to keep repairing old ones.
Own a 2010 Sierra Denali and have no plans to buy anything newer due to ridiculous, inflated Pricing brought on by NHTSA and EPA unelected damn Bureaucrats requiring and mandating all the additional CRAP that allows Car/Truck manufacturers to jack-up prices on the “required” junk the Bureaucrats “demand” be included without any kind of a Vote on it or on them. That 2010 Denali was just over $50k in March of 2010 and the same pick-up today would be somewhere in the $85.5K range…..RIDICULOUS ! The thieves now even charge EXTRA for ANY COLOR PAINT !
I have a 2011 Silverado 5,3 with over 420,000 miles on it. Runs good, looks good and is paid for!