The average age of vehicles on American roads is steadily increasing, according to a new S&P Global Mobility report. In 2024, the average age of light-duty vehicles has risen to 12.6 years, up by two months from 2023. Passenger cars, in particular, show a higher average age of 14 years, while light trucks average 11.9 years. This ongoing trend reflects the longevity and extended use of vehicles in the United States.
Since the onset of COVID-19, with a decline in new-car sales, this trend has only accelerated. According to a new report by S&P Global Mobility, the combined average age of passenger cars and light trucks has reached a record high. The new combined average is up by two months from last year, reflecting continuous growth since surpassing the 12-year mark in 2021.
The increase in vehicle age corresponds with early trends from the COVID-19 pandemic, during which new-car prices surged, causing a significant drop in sales. As of last month, the average transaction price for new vehicles was just over $45,000, according to J.D. Power. Although this is slightly more than $2000 less than the peak in December 2022, it still contrasts sharply with the $33,695 average price in April 2019.
However, this trend has a positive aspect for the car industry: the aftermarket vehicle service sector. An Aftermarket practice lead at S&P Global Mobility said “With average age growth, more vehicles are entering the prime range for aftermarket service, typically from six to 14 years of age,” . Vehicles in this age range are generally out of manufacturer warranties, prompting owners to seek services from local repair shops.
Increasing the longevity of your vehicle involves regular maintenance and mindful driving habits. Adhering to the manufacturer’s maintenance schedule, checking fluid levels, and changing filters at recommended intervals is crucial. Keeping tires properly inflated and balanced, driving gently to avoid aggressive behaviors, and allowing the engine to warm up before driving off all contribute to reducing wear and tear.
Additionally, using quality fuel, parking in the shade, and regularly waxing and cleaning your vehicle help protect it from damage. Promptly addressing any issues and minimizing unnecessary driving further contribute to extending the lifespan of your vehicle. By following these tips, you can ensure your vehicle stays in optimal condition for years to come, saving you money on repairs and replacements in the long term.