zzdcar
Home
/
Reviews
/
Buying
/
People Are Holding on to Their Cars Longer And Those Giant Loans Aren't Helping
People Are Holding on to Their Cars Longer And Those Giant Loans Aren't Helping-July 2024
2024-02-19 EST 22:09:48

The average age of a car on the street in America has increased over the last decade, according to a new U.S. Department of Transportation study, suggesting that people are either buying more used cars or holding off on replacing the cars they already own. Maybe it’s because new cars are worse than old cars and folks just aren’t interested, but probably not.

The U.S. Department of Transportation, via the , conducted a survey last year to analyze the average age of light-duty vehicles on the road, determining a 13 percent increase from an average age of 9.3 years in 2009 to 10.5 years in 2017.

Ages increased over every major vehicle type, with the average age of cars jumping from 9.5 to 10.3 years, vans from 8.8 to 10.9 years, SUVs from 7.1 to 8.5 years, and pickups from 11.2 to 13.6 years.

The data was also broken down based on household income, and unsurprisingly, households with lower incomes held on to their cars longer, but the average age of higher-income household vehicles increased more than those used by lower-income households over the same period.

Related research mentioned in the report also indicated average fuel economy has increased, and average household spending on car maintenance also increased, which would make sense if people are holding on to their rides longer.

But don’t forget that the age is also impacted by the increasing amount of used cars in the market, as pointed out, thanks to the increasing amount of leasing and long term, low financing rates. So yeah, all of those 60-month loans do have to go somewhere, and the whole car world is changing with it.

The reference to long-term leases have been edited to read as long-term loans in the headline and body.

Comments
Welcome to zzdcar comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Buying
The Perfect Chevrolet Caprice Is Up For Sale
The Perfect Chevrolet Caprice Is Up For Sale
A Jalopnik reader turned up this for-sale listing of what appears to be the perfect 1980s Chevy Caprice. So how much is it worth? There are a couple different years of the full-size Chevrolet that you could argue are the very, very best. (The , as are the gruff 1965s...
Jul 5, 2025
Just Because You Buy a Sensible Family Car Doesn't Mean You Can't Have Fun
Just Because You Buy a Sensible Family Car Doesn't Mean You Can't Have Fun
A friend of mine recently told me about a dilemma: He’s a family man, and his awesome and 180,000 mile manual have gotten fairly old, and are not nearly as safe as a modern car. He wanted to get his wife and two kids something nicer, so he bought something...
Jul 5, 2025
The 2019 Mazda 3 Is Smoother, Quieter and Still Fantastic to Drive
The 2019 Mazda 3 Is Smoother, Quieter and Still Fantastic to Drive
Since its inception, the has been a fun, affordable and fuel-efficient car that stood out for its driver-focused experience. The all-new has the challenge of pushing that fun and engaging experience into a premium space, and it’s pretty much hit it out of the park. ( Mazda wanted me to...
Jul 5, 2025
At $13,750, Would This Custom 1979 Chevy Malibu Wagon Be Super to Sport?
At $13,750, Would This Custom 1979 Chevy Malibu Wagon Be Super to Sport?
It’s been said that you’ll see more fake SS Chevys on the road thanreal ones. Today’s “Montibu” is the former but it makes no bones about being a custom. Let’s see if its price tag asks too many bones. It’s a fact of life that titles matter. Whether it’s in...
Jul 5, 2025
The Best Resale List For 2019 Is All Trucks And One Surprising Porsche
The Best Resale List For 2019 Is All Trucks And One Surprising Porsche
Unless you buy some collectible exotic, you can bet that your sweet new ride is going to depreciate in value as soon as you drive it off the lot. But some cars take that hit much better than others. is it’s mostly what you would expect, except for a surprise...
Jul 5, 2025
At $5,990, Could This 1973 Jeep J4000 Long Bed be on Your Short List?
At $5,990, Could This 1973 Jeep J4000 Long Bed be on Your Short List?
Today’s Jeep pickup is said to have been built for bounding over Baja. With a 54-gallon gas tank and a cabin cage, you could probably take it pretty much anywhere. That is, is you can take its price tag. Do you think it’s better to buy a cheap version of...
Jul 5, 2025
Copyright 2023-2025 - www.zzdcar.com All Rights Reserved