According to the S&P Global Mobility Report, the average age of American driving fleets continues to rise as barriers to buying new cars keep drivers in their existing vehicles for a long time. Cars show the way with an average age of 13.1 years, where light trucks are 11.6 years behind. The adoption of battery-electric vehicles (BEVs) has also begun to affect ownership trends, with electrics now accumulating many miles each year, like the internal-combustion model.
“This is the fifth year in a row that the average age of vehicles in the United States has risen. This year’s average age has marked another all-time high for average age. The report said. “Surprisingly, the fleet has grown significantly despite the sale of soft new vehicles due to the return of fleet abandoned units during the epidemic and the existing fleet surviving better than expected.”
“Finally, more vehicles that were removed from circulation during the epidemic when they returned to the fleet, and the remaining price increases mean increased business potential for the aftermarket segment,” it continued.
Four-door models continue to drag on average, which is understandable because they are more difficult to replace with similar models in a market that has become truck-heavy over the past two decades. Between these and ongoing supply and logistics issues, S&P Global Mobility expects the upward pressure on vehicle age to continue, at least for the foreseeable future. However, the growth of BEVs is being driven by the demand for electric SUVs.
“This has virtually increased the total BEV to 1.44 million units (0.51% of the total VIO), which is about 40% more than the previous year,” the report said. “The average age of electric vehicles in the United States is 3.8 years this year, down from 3.9 last year, and has been running from 3 to 4.1 years since 2016. As the number of BEVs increases, so will their average age. The chances of repairs increase, ”he says.