The average American car is a dozen years old, and getting older.
Many consumers are balking at buying automobiles, new or used. Prices hover near historic highs. Auto-loan interest rates have soared.
But a well-tended car or truck can last longer than ever, maintenance experts say. The secret is, well, maintenance.
“The 100,000-mile marker, and the idea that the vehicle’s value is going to fall off a cliff, that the engine is going to grenade itself, none of that is true anymore,” said Ivan Drury, director of insights at Edmunds, the automotive consumer site.
The average age of America’s automobile fleet reached 12.5 years in 2023, and the figure has crept up for six straight years, according to S&P Global Mobility.
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Sales slowed in the pandemic, first because of supply-chain kinks and, more recently, over soaring prices and interest rates.
New vehicles cost $48,451 in August, on average, according to Kelley Blue Book. That compares with $38,635 just three years ago. Used vehicles sold for an average of $29,472 in the second quarter of 2023, according to Edmunds, a 46% increase over the same time in 2018.
New-car customers now face an average interest rate of 7.8% on a five-year loan, according to the Federal Reserve. As recently as February 2022, the figure was 4.5%.
How do I keep my car on the road?
Suddenly, that 12-year-old car is looking more attractive.
“The best car is one that’s safe, meets your…
