Repelled by high car prices, Americans are holding on to their vehicles longer than ever

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The Associated Press

ANN ARBOR, Mich. (AP) – Americans are keeping their cars longer than ever. The average age of a passenger vehicle on U.S. roads hit a record 12.5 years this year, according to data gathered by S&P Global Mobility.

Sedans are even older, on average – 13.6 years. Blame it mainly on the pandemic, which triggered a shortage of automotive computer chips, the vital component that runs everything from radios to gas pedals to transmissions.

The shortage drastically slowed assembly lines, making new vehicles scarce just when consumers were increasingly eager to buy. Prices surged to record highs.

And though they’ve eased somewhat, the cost of a vehicle still feels punishingly expensive to many Americans, especially when coupled with now much-higher loan rates.

Read the full story on AP News right here.

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5/15/2023 8:12:54 AM (GMT -5:00)

Categories: Regional and US News