The average car on the road in the U.S. is nearly 12 years old, roughly one month older than the national average for last year and the oldest in the history of a study conducted by IHS Markit.
The study, which was released Tuesday, showed that car owners were holding on to their cars for 11.9 years and keeping them on the road for more years, even before the slowdown caused by the coronavirus. Longer vehicle loans, more reliable cars, and fewer new cars sold in 2019 and 2020 should push the average age higher, according to researchers.
As states continue stay-at-home orders and fewer workers commute each day, the industry group estimated that the average age could rise 4 to 6 months in the coming years.
“…the COVID-19 pandemic has created the perfect storm to accelerate U.S. light vehicle average age in coming years,” Todd Campau, associate director of Aftermarket…