Average U.S. vehicle age hits record 12.6 years as high prices force people to keep them longer
Average U.S. vehicle age hits record 12.6 years as high prices force people to keep them longer
With an average U.S. new-vehicle selling price of just over $45,000 last month, many can’t afford to buy new — even though prices are down more than $2,000 from the peak in December of 2022, according to J.D. Power.
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You can get the same effect as a new car by buying a used car and then lighting $20,000 on fire when you drive it off the lot.
My '21 is functionally the same cost as when I bought it, minus what I would call normal depreciation. Keeping cars for longer also means used prices are remaining higher for longer, reducing access to getting a new one if something happens to your current vehicle and completely throws out anyone getting a new (to them) car for the first time.