S&P: Average Vehicle Age Grows to Record 12.8 Years
The average light duty vehicle registered to operate on American roads grew to an all-time record of 12.8 years in 2024, registering a second consecutive year-over-year increase of at least 60 days, according to the latest annual report from S&P Global Mobility.
Remarkably, the record was set despite 16 million-plus new vehicle registrations over the course of the year. Analysts say the data points to the increasing popularity of trucks (average age of 11.9 years) over cars (14.5 years).
“Passenger cars are continuing a steady decline toward equilibrium as consumer preference shifts to light trucks,” writes Aftermarket Practice Lead Todd Campau in an S&P press release. “The vehicle fleet continues to demonstrate impressive resilience even as it faces stress from high new and used prices and economic uncertainty.”
Analysts note longer ownership terms should create new opportunities for F&I product sales and service revenue.
“With the heavy vehicle registration years of 2015–2019 moving into the aftermarket space, there will be stronger opportunity for maintenance and repair as these vehicles roll off warranty,” the report states, in part.
