NEW REPORT REVEALS AMERICANS ARE KEEPING THEIR CARS LONGER THAN EVER BEFORE, BUT WHY?

The Arena Media Brands, LLC and respective content providers to this website may receive compensation for some links to products and services on this website.

In a surprising trend, a recent report from CNBC reveals that Americans are keeping their cars on the road for longer than ever before. The average age of consumer vehicles in the United States has reached 12.5 years, marking the highest year-over-year increase since the Great Recession in 2008-2009. 

This shift has significant implications for various sectors, including aftermarket parts suppliers and dealer service centers. 

Check out this TikTok by @abcworldnews:

Click here to watch the video.

There are a few reasons for this trend. Because of the pandemic, there were some issues with getting new cars onto the market. That meant there weren't as many new cars available, so people had to hold onto their old ones. 

Then, things got even trickier when the global health crisis hit. Supply chains got messed up, and that caused problems with making new cars. As a result, the prices for both new and used cars went up, and that made people think twice about buying something new.

Here's what the internet had to say about this. 

User @itsrobbyrobinson shared, "48 grand for a new car! I’m driving mine until the wheels fall off!" Then @devinjones481 thought it was, "Funny how they don't mention corporate greed in the reasons car prices are so high!"

Another user thought that, "There is no shortage anymore. It's the manufacturers holding inventory and dealers selling economy cars for $30k."

Sharing another perspective and factor, user @andiegarvin said, "Paid off 2013 ford. The biggest flex is no car payment. She may not be new & shiny but she gets me where I gotta go."

What do you think?

Love what you're reading? Be sure to follow us on Google News for the latest updates.

2023-06-06T19:56:04Z dg43tfdfdgfd