Does your car still have just a CD player? Worse, does your vehicle still have a cassette deck? If so, then you’re one of the millions of Americans with very old cars.
According to a new report from IHS Automotive, a consulting firm, the average age of a vehicle in the United States is a record 11.5 years. This suggests two things: there has been a major drop in new car sales since the economic collapse and newer cars manufactured today are a lot more reliable.
Registrations, meanwhile, rose to a record 257.9 million cars and trucks. This is up two percent from the previous year.
Since the consulting firm began to track the average age of vehicles in 2002, the quality and reliability of automobiles have steadily risen. The average length of ownership for a brand new car is about 6.5 years, while a used car is five years. Today, cars and trucks maintain the same average age; back in the day, cars had shorter lifespans than trucks.
Although consumers are saving a chunk of money, report authors argue that drivers aren’t able to experience the latest entertainment advancements in cars or the newest updated safety features installed in newer vehicles.
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