2024 U.S. vehicle age reaches a record 12.6 years due to high prices of new models.

U.S. vehicle age reaches a record 12.6 years in 2024 as people hold onto older vehicles due to high prices of new models. S&P Global Mobility reports the average age increased by two months compared to last year, with new vehicle sales recovering from pandemic-related shortages. However, with the average new-vehicle selling price at over $45,000, many consumers cannot afford to buy new.