11.8 years. That’s the average amount of time that vehicles are lasting in America. While vehicle prices have risen in recent years, consumers are actually getting more bang out of their buck according to research from IHS Markit.
The data provider recently told The Associated Press that over the next decade we can expect the average consumer-based vehicle to last an average of 12 years.
Perhaps even more impressive is that average life-expectancy for vehicles is already up by 0.1 years when compared to 2018. IHS Markit Director of Global Automotive Aftermarket Mark Seng told the AP that buyers are now more comfortable keeping their vehicles because they are better built.
The study also found that longer finance terms mean buyers are more likely to keep their vehicles for longer and maintain them at a higher rate.Longer ‘Living’ Cars? Move To The West Coast
If you live in an area with nicer weather, take for example California, data shows you can expect to keep your vehicle for 12.4 years. Move to the frigid Northeast where there also tends to be more stop-and-go traffic and that number drops to just 10.9 years.
As vehicles “age out” at a slower rate it will be interesting to see how automobile manufacturers woo consumers into new vehicles when their old mainstay is still reliable.
In the meantime, we’d still like to stick with the Ford Mustang shown above because nothing beats a classic, not even better reliability.