Go back 20 or so years and if someone told you you'd get over a decade of driving from a new car you would have been tickled. Today, and for the last couple of years, U.S. light car owners are getting an average of 11.4 years out of the vehicles they own.
As a result, according to an IHS Automotive study, there are a record 252.7 light vehicles in operation on U.S. roads.
"This year we're seeing somewhat of a plateau in the [average age of vehicles], and expect it to remain over the next few years, without a major change in either direction," Mark Seng, director of IHS Automotive's aftermarket solutions and global aftermarket practice leader, said. "We attribute this to a number of factors, including the economy and increasing quality of today's automobiles."
The 11.4 years average had actually reached an all-time high back in 2013 and the HIS is predicting that average will stay flat through 2015. The research also claims that average will begin to rise again, to 11.7 years, by 2019. The IHS research notes the current slow rate of growth since the 2013 peak is due to the auto industry's rebound and the recent increase in new vehicle sales.
Regarding the total number of vehicles in use in the U.S., the total reflects an increase of more than 3.7 million (1.5 percent) since last year. In addition, new vehicle registrations outpaced scrappage by more than 24 percent for the first time in a decade, according to the analysis.
"In our history of tracking, we have seen a gradual increase in the average age of vehicles on the road," Seng added. "This year, we're seeing somewhat of a plateau in the market, and expect it to remain over the next few years, without a major change in either direction. We attribute this to a number of factors, including the economy and the increasing quality of today's automobiles."
IHS Automotive is also projecting that the volume of vehicles new to five-years-old on roads will increase 32 percent over the next five years. Vehicles in the 6- to 11-year range are predicted to decline by 21 percent, while those 12 years and older are expected to increase by 15 percent. The report suggests that during the recent recession years consumers were holding on to their cars for longer periods of time and that their numbers are now beginning to see the impact of new vehicle registrations.
