Question of the Day: What is the average age of a car on the road today?
Let's just say the average car has certainly lost that new car smell.
Answer: 12.6 years
Questions:
- What do you think goes into the decision to purchase a new car when you have a car that is working ok?
- As cars age, what would you expect to happen with their maintenance costs?
- What are the factors that you think determine the longevity of a car (i.e., how long a car can stay on the road)?
- What are the pros/cons of owning the same car for 12+ years?
Behind the numbers (ABC News):
"Cars, trucks and SUVs in the U.S. keep getting older, hitting a record average age of 12.6 years in 2024 as people hang on to their vehicles largely because new ones cost so much.
S&P Global Mobility, which tracks state vehicle registration data nationwide, said Wednesday that the average vehicle age grew about two months from last year's record.
But the growth in average age is starting to slow as new vehicle sales start to recover from pandemic-related shortages of parts, including computer chips. The average increased by three months in 2023."
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Looking for more vehicle related resources? Check out NGPF's Buying a Car mini-unit!
About the Author
Ryan Wood
Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.
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