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.
The National Highway Traffic Safety Administration officially start car recalls after receiving complaints from consumers.
vening traffic fills the 101 freeway near Hollywood, on June 14, 2004 in Los Angeles, California. New California auto emissions regulations proposed today would require auto makers to reduce emissions of greenhouse gases by 30% in the next decade. IfBlame it mainly on the pandemic, which in 2020 triggered a global shortage of automotive computer chips, the vital component that runs everything from radios to gas pedals to transmissions.
Used vehicle prices, on average, have surged even more since the pandemic hit — up 40%, to nearly $29,000. With an average loan rate having reached 11%, the typical monthly used-vehicle payment is now $563. "You see cars all the time in here with 250,000, 300,000 miles," said Jay Nuber, owner of Japanese Auto Professional Service, a repair garage near downtown Ann Arbor, Michigan. "They haven’t been really having major work or anything. They’ve just been doing the service."
"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. Even with more durable vehicles able to last longer, all of this has created a boom time for auto shops. Through most of last year, Nuber's Japanese Auto was overwhelmed with customers. It took up to three weeks to get an appointment, whether for repairs or the routine maintenance that older vehicles, in particular, require.It's now at the point where some vehicle owners must decide whether to pay for a repair that costs more than their vehicle is worth.
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