Holding on longer to your family car? Waiting for a better time to trade it in for a new vehicle?
You’re not alone as a new report by S&P Global Mobility says the average age of U.S. cars and light trucks rose this year to a record 12.6 years. It shows Americans are holding on to their vehicles longer this year compared to a year ago.
The study concluded the 12.6 year average age of a vehicle on the road is up two months from 2023. S&P concluded that the number of cars and pickup trucks aged six to 14 years or older will make up 70% of the vehicles on the road for the next five years.
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