Average vehicle age on U.S. roads reaches record 12.6 years as high car payments force drivers to defer purchases

S&P Global Mobility confirmed the average age of light vehicles in operation across the United States reached a record 12.6 years, continuing a consecutive seven-year aging trend. The aging fleet reflects severe consumer affordability constraints caused by average new vehicle monthly payments touching an all-time high of $770.

To absorb higher vehicle prices, lenders pushed average loan durations past 69 months for new vehicles, with over 35% of new auto loans carrying terms longer than six years. The surge in long-term financing has left a growing share of vehicle owners carrying negative equity, delaying trade-ins and forcing drivers to keep existing vehicles on the road longer.

https://www.youtube.com/watch?v=ou2DAb9h53c

https://www.foxbusiness.com/economy/average-new-car-payment-reaches-all-time-high-affordability-issues-persist

https://www.swlaw.com/publication/critical-issues-facing-auto-lenders-mid-year-update/