How do you sell more new vehicles when they last longer every year? You don’t! Over two decades of stagnation in vehicle sales interrupted by plunges.
By Wolf Richter for WOLF STREET.
The average age of all cars and light trucks on the road in 2021 in the US, regardless of how many times they have been traded, jumped by about two months from last year, to a record of 12.1 years, according to IHS Markit today.
“Average age” means that a portion of the vehicles are removed from the national fleet at a much younger age, either because they were scrapped following an accident or natural disaster; or because they were exported as used vehicles. It also means that a portion of the vehicles on the road are far older, with a good bunch in their high teens or older that, with proper TLC, are still running fine.