U.S. consumers are using their existing vehicles for longer as the inventory of new cars and light trucks remains constrained due to supply chain challenges, marking an all-time high for the average age, according to a report from S&P Global Mobility.
The average age of light vehicles in operation (VIO) in the United States rose to 12.2 years this year, increasing by nearly two months from the prior year, the report said.
The pandemic led consumers to shift from using from public transport and shared transport to personal cars, and since customers could not upgrade their vehicles, demand for used cars have accelerated and boosted the average vehicle age further, the report said….