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Economy, Personal Finance

“Americans are keeping their cars longer amid sky-high prices, rising interest rates”

“…The average age of a light-duty vehicle on U.S. roads rose by more than three months — the highest year-over-year increase since the Great Recession in 2008-2009 — to 12.5 years as of Jan. 1, according to a new report Monday from S&P Global Mobility. That includes a 3.8% increase for passenger cars to 13.6 years and a 1.7% uptick in trucks, SUVs and crossovers to 11.8 years.

Rising vehicle ages are good news for aftermarket parts suppliers like AutoZoneO’Reilly Automotive and Advance Auto Parts. It also can benefit dealer service centers, but it doesn’t bode well for new vehicle dealers and sales…”

https://www.cnbc.com/2023/05/15/americans-are-keeping-their-cars-longer-amid-rising-interest-rates.html

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