The average age of the US passenger fleet has ticked up to a new record of 11.5 years. There are more vehicles in operation than ever before, too.
Cars are becoming less and less of a disposable item, according to a report from The Detroit Free Press. The average age of the 247 million cars and trucks in the US fleet is now up to 11.4 years, an increase of two full years since 2007 and 0.2 years since 2012. The newspaper spoke with Mark Seng, vice president of industry research firm Polk, who cited consumers' desire to avoid monthly payments and the ever-improving quality of mainstream cars and trucks as reasons for the increased age.
If you're still driving that 2006 Ford Fusion you bought new, apparently you are not alone. Automotive data provider Polk says that the average new car buyer is now holding on to his vehicle for a whopping 71 months – almost six years. Used vehicles are being held for over four years, almost 50 months, according to the new study.
Americans are driving their vehicles longer, as the average age of vehicles has nearly hit 11 years, according to a new study by Polk. Blame a wretched economy and more reliable modern automobiles, but cars and trucks continue to stay on the road much longer than they did 15 years ago, when the average age was just 8.4 years.