Why Our Cars Are Lasting Longer
To start with, why are we keeping our cars longer these days? The simple answer is because our cars are lasting longer. A lot longer. Better manufacturing practices, robotic assembly, and advanced technology means that our modern vehicles can take 100,000, 200,000, even 300,000 miles of use in stride. There was a time when you would think that a car had outrun its useful years when it got close to 100K. Not anymore.
Â
It's not unusual for most Americans to keep their cars at least six years and many hang on to their faithful flivvers for up to twelve years. In fact, according to new data by S&P Global Mobility, the average age of cars and light trucks on American roads is a record 12.5 years old and there are over 284 million vehicles currently in operation. The average life expectancy for today's cars is said to be fourteen years, with electric cars lasting an impressive 21 years.
Â
So, with cars lasting longer, people tend to keep them longer. After all, new cars are expensive with the price of a new vehicle up over $6,000 from two years ago, averaging $48,334.