AP
The average age of cars in the U.S. is older than ever before
The average age of light vehicles on American roads has reached a record high of 12.5 years. This is attributed to inventory issues caused by the pandemic, such as chip shortages and supply chain disruptions. This led to higher demand and prices for used cars. Inflation and rising interest rates also discouraged people from buying new cars, according to S&P Global Mobility. However, as used car prices start to drop, it is expected that new car sales will recover in 2023. When this happens, the average age of US vehicles is expected to decrease again. The rate at which it will decline in comparison to electric vehicles remains a question for environmental advocates.
