Don't be surprised if you don't see many brand-new cars on the road this Memorial Day weekend.
Americans are driving their existing vehicles for longer. The average age of a car in the U.S. has hit a record high of 12.2 years. Julie Blackley, with iSeeCars.com, is not surprised. The average age has slowly risen over the last five years. She thinks there are two reasons why. The first reason: less new cars and light trucks on the market due to supply chain problems. The second reason: better vehicles.
“The quality of vehicles has increased so much over the past few years,” Blackley said. “So, with the right maintenance and care any car can last 15 years.”
The pandemic led many consumers to shift from public transport to personal cars, which is also why demand for used cars is way up. Blackley doesn't expect the trend to change as long as there are widespread supply chain constraints.