Americans keep old cars longer
Americans are keeping their cars and trucks longer than ever, and even with new car sales increasing, the average age will continue to rise, an industry research firm says.
The average age of the 247 million cars and trucks on U.S. roads hit a record of 11.4 years in January, the latest figures available from state registration data gathered by the Polk research firm.
The annual percentage of cars and trucks sent to the scrap yard has dropped 50 percent since the recession, he said.
"Cars are just lasting longer," he said.
The change creates a big opportunity for repair shops and auto-parts stores, Seng said.
U.S. sales have risen gradually from a 30-year low of 10.4 million in 2009 because of low interest rates, appealing new models and pent-up demand as people replace aging vehicles they kept through the recession. Older vehicles would have to be scrapped at a higher rate, as well, he said.
More people also are financing cars for 72 months, meaning they'll keep their cars for at least six years and probably longer, Seng said.
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