Used Car Prices Remain Strong As Drivers Are Forced To Hang On To Aging Vehicles

12.2 years old — that’s the age of the average car on U.S. roads as of this year, according to S&P Global Mobility. And if you don’t know why that number is continuing its slow march upward, I envy you and the rock under which you live.

The average age rose to 12.2 years in 2022 — a nearly 2 percent increase from the average life in 2021 of just over 12 years, according to the research.

S&P Global said in a statement that the increase was driven by the global microchip shortage and supply chain issues causing a “constrained supply of new cars and light trucks, amid a strong demand for personal transportation.”

Read Article