When the economy was rolling during the middle part of last decade, it seemed like every house on the block had a new car in the driveway. However, the market crash of 2009 changed all that, with Americans now holding on to their cars longer than ever.
According to a new report by research firm Polk, the average vehicle age in the United States hit 10.8 years last July. The study found that the average age for a car on U.S. roadways was 11.1 years while the average truck age was a more youthful 10.4 years.
Not surprisingly, there has been a steady increase in the average vehicle age since 2008 – the year the U.S. economy started taking a turn for the worst. In 2008 the average vehicle age was 10 years, with that figure increasing to 10.6 years by 2010.
Higher unemployment rates will likely keep the average vehicle age well above the 10 year mark this year, but Polk expects a recovering automotive sector to slow the aging rate. New car sales improved by 1.2 million units last year, with a further increase in sales expected in 2012.
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