Circumstances over the past year have driven prices for used and new cars higher, shifting consumer buying behavior. Supply constraint issues for critical components needed for autos and light trucks have made it extremely difficult to purchase new automobiles. As a consequence, demand and prices for used cars has also gone up, leaving many drivers to hold on to their existing cars.
The Bureau of Transportation Statistics identified that the average age of vehicles on U.S. highways is now 12 years old, a reflection of drivers holding on to their cars longer. Improvements in technology and efficiency over the decades has allowed more automobiles to reach higher mileage and keep running.
Source: Bureau of Transportation Statistics
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