Record-High Vehicle Ages and Prices Force Americans to Hold onto Cars Longer

The average age of vehicles in the U.S. reached 12.5 years, an all-time high, as new and used car prices also hit record levels.
A global shortage of computer chips slowed vehicle production and limited options on dealer lots, driving up costs just as buyers were eager to purchase.
The increasing expense of buying any vehicle has led more Americans to spend money on repairing their existing cars instead of purchasing new ones.
While keeping vehicles longer benefits parts suppliers and service centers, it hurts new car dealers and overall sales.
The trend toward higher vehicle ages is expected to reverse once supply chain issues ease and new vehicle inventory increases.