When it comes to vehicles, drivers are holding on to their keys. A new study finds the high prices of newer models are keeping people out of the dealerships.
The data from S&P Global Mobility, a company that monitors vehicle registration data, are a combined average of the age of cars and light trucks in the U.S., equating to about 12.6 years. That’s an increase of two months from the average of last year, as consumers continue to grapple with inflation and not being sold on electric vehicles despite a huge push by the Biden administration.
“With average age growth, more vehicles are entering the prime range for aftermarket service, typically from 6 to 14 years of age,” said Todd Campau, a spokesman for the survey. “With more than 110 million vehicles in that sweet spot — reflecting
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