Key facts
- Americans are keeping their cars for longer durations.
- This trend is altering the economic dynamics of vehicle purchasing.
- The selling and repair sectors are also affected by this shift.
The average age of vehicles on U.S. roads is increasing as consumers hold onto their cars for longer periods. This trend is fundamentally reshaping the economic landscape for the automotive industry, influencing decisions related to purchasing new vehicles, the resale market, and the automotive repair and maintenance sector. As cars are kept longer, the demand for new car sales may be affected, while the aftermarket for repairs and parts could see increased activity.