Average Age Of U.S. Vehicles Once Again At All-Time High

May 15, 2023 10:25 am

With new and used vehicle prices remaining at all-time highs for the best part of the past three years, it’s no surprise that many people are simply opting to keep the vehicles they already own rather than trading them in or purchasing a replacement. In fact, back in 2020, the average age of U.S. vehicles hit a new record at 12.1 years, a number that increased to 12.2 years in 2021. Now, new data from S&P Global Mobility shows that this trend continued yet again in 2022, as the average age of U.S. vehicles rose all the way up to 12.5 years.

According to this new report, suppressed new vehicle sales continue to have an impact on the average age of vehicles on U.S. roadways, a number that has now increased for six consecutive years. Year-over-year, 2022 represented the second largest increase since the recession of 2008-2009, which was also a time when new vehicle sales plunged dramatically.

S&P notes that this time around, vehicle age increased at least partially due to rippling effects of ongoing supply chain shortages that kept new vehicle inventory hovering near record low levels early in the year, though rising interest rates, inflation, and lower demand played a role later in 2022. Looking forward, S&P expects new vehicle sales to rise in 2023, which could slow down the average age hike over the course of the year.

“We expected the confluence of factors impacting the fleet coming out of 2021 would provide further upward pressure on average vehicle age. But the pressure was amplified in the back half of 2022 as interest rates and inflation began to take their toll,” said Todd Campau, associate director of aftermarket solutions for S&P Global Mobility. “While pressure will remain on average age in 2023, we expect the curve to begin to flatten this year as we look toward returning to historical norms for new vehicle sales in 2024.”

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By Brett Foote

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.