According to consultancy firm IHS Automotive, the average age of cars and light truck in use on US roads has slowed its increase to 11.5 years at the start of the year, as the aging rate has slowed due to ample recovery of new vehicle deliveries.
The average age for the entire year in 2014 was of 11.4 years. Vehicles now have a tendency to last longer than before also because of increased quality, though the pace of increase in the average age is rising more modestly now. The average age of US vehicles on the road will surge to 11.6 years in 2016 and climb to 11.7 years in 2018, according to a recent statement from IHS. “Consumers are now being driven back to the showroom,” commented Mark Seng, global aftermarket practice leader at IHS Automotive. “It’s a good story for U.S. vehicles and a great time for the automotive industry because of how strong sales are.” Vehicles aged very fast across the half decade span between 2008 and 2013 because of the plunging sales of new cars and trucks in the wake of the recession. But afterwards the turnaround managed to slow the pace of climb for the average vehicle age, with 2015 poised to take sales of new vehicles to an unprecedented sixth consecutive year of positive results.
Total registrations of autos on US roads also nailed a record of close to 258 million this year, soaring 2.1 percent from the figures seen last year, added IHS. New vehicle registrations also overcame the pace of scrapped vehicles by 42 percent. During the year’s first quarter, the average period of ownership for a new vehicle has reached 77.8 months, up almost 26 months form the same timeframe in 2006. For used models, the period also surged to 63 months, also a growth of around 25 months.