Hesitation to buy amid high prices has driven the average age of vehicles on US roads to a record 12.2 years old. The data makes five straight years of increased average vehicle age in the US.
Back to normal. While miles driven have bounced back to pre-pandemic levels, auto production has not. Rising costs caused by supply shortages have customers holding onto cars longer, which has driven up the average age, despite 15M new vehicle sales last year.