With millions of Americans living paycheck to paycheck — some 65%, according to CNBC data — it should come as no surprise they’re not lining up at the car dealership for something shiny and new.
In fact, a new study from the vehicle registration analysts at S&P Global Mobility shows we’re holding onto our cars longer than ever before.
The organization says the average car, truck and SUV in the U.S. hit a record age of 12.6 years old in 2024. Further, vehicles 6 years and older will account for more than 74% of the vehicle fleet in 2028, according to the firm.
Long story short, new vehicles are expensive. The average new car costs $48,510, leaving most Americans to keep on trucking with the wheels they have.
S&P Global Mobility notes that supply chain issues from the pandemic days caused problems with the new vehicle pipeline, “But the pressure was amplified in the back half of 2022 as interest rates and inflation began to take their toll,” according to the company’s Todd Campau.
Well, there’s always the option of buying a can of that “new car smell.”
Methodology and results have not been verified or endorsed by ABC News or The Walt Disney Company.