DETROIT—With the average new-vehicle price in the United States at nearly $48,000 and the cost of a used automobile averaging almost $29,000, many people are getting repairs done and keeping their vehicles longer.
That’s boosted the average age of a vehicle on U.S. roads to a record 12.5 years this year, according to state registration data gathered by S&P Global Mobility.
New and used vehicles are pricey because of computer chip shortages that began with the coronavirus pandemic. And monthly payments have been pushed even higher because the Federal Reserve has been raising interest rates. New vehicle loans now are around 7 percent on average….