Americans are keeping cars longer

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Despite the Biden administration’s push for Americans to switch from gas to electric vehicles, car owners are balking and instead are keeping their cars longer according to a new study.

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The average age of U.S. cars and light trucks this year climbed to a record 12.5 years, reflecting the impact of supply constraints on dealer inventories of new vehicles in 2022, as well as reduced consumer demand from higher inflation and interest rates, according to the study by S&P Global Mobility.

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