The average age of a passenger vehicle on the road has hit a record 12.5 years this year in US - due to the cost of a vehicle being too expensive for many Americans, according to S&P Global Mobility
Auto mechanics have been struck by the rising ages and mileages of vehicles that now arrive at the shop in numbers they'd never seen before./ AP Archive
The shortage drastically slowed global assembly lines, making new vehicles scarce on dealer lots just when consumers were increasingly eager to buy. It’s all pushed the national average monthly auto loan payment to $729 — prohibitively high for many. Experts say a family earning the median US household income can no longer afford the average new car payment and still cover such necessities as housing, food and utilities.
Auto mechanics have been struck by the rising ages and mileages of vehicles that now arrive at the shop in numbers they'd never seen before. “The repair-versus-buy equation changed,” said Todd Campau, an associate director with S&P. Even with rising repair costs, Campau said, it's still typically more cost-effective to fix an older vehicle than to spring for a purchase.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Marriage drives women's economic mobility: CensusMarriage is a driving factor behind economic upward mobility for women, according to a U.S. Census Bureau study.
Read more »
Average age of vehicles on US roads hits a record highThe average age of a passenger vehicle on the road hit a record 12.5 years this year, according to data gathered by S&P Global Mobility.
Read more »
Repelled by high car prices, Americans are holding on to their vehicles longer than ever, data showsThe 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.
Read more »
Repelled by high car prices, Americans are holding on to their vehicles longer than everAmericans 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. Sed…
Read more »
Repelled by high car prices, Americans are holding on to their vehicles longer than everThe 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. 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. Prices surged to record highs. And though they’ve eased somewhat, the cost of a vehicle still feels punishingly expensive to many Americans.
Read more »
Repelled by high car prices, Americans are holding on to their vehicles longer than everAmericans are keeping their cars longer than ever. The average age of a passenger vehicle on the road hit a record 12.5 years this year, according to data gathered by S&P Global Mobility.
Read more »