FORT LAUDERDALE, FL – A recent trend that is likely to grow in scope and stick around for quite some time, according to a new study released this week by S&P Global Mobility, involves a steadily growing number of motorists who are sinking larger and larger amounts of cash into fixing their older cars as opposed to purchasing new ones
The study indicates that the current average age of an automobile on the road is 12.5 years old, and that numerous financial issues currently plaguing the country will most likely contribute to that advanced age range sticking around – or even increasing – for the foreseeable future.
It’s one of the fastest increases we’ve seen since the Great Recession in 2008, 2009 timeframe,” said Todd Campau with S&P Global Mobility. “The consuming public is just realizing that not only are we in a situation where we need to keep our vehicles on the road longer, but they are actually surviving OK. They’re still usable. They’re still safe.”
This phenomenon began during the COVID-19 pandemic as global supply chain issues contributed to the cost of both new and used cars skyrocketing significantly; as a result, more and more car owners are attempting to squeeze as much life out of their current rides as possible. Record-high inflation is also driving consumers to pinch pennies whenever they can, according to the study.
Owners of repair shops seem to concur with S&P’s findings. For example, Juan Manuel Salazar, owner of 911 Auto Mobile Repair in San Antonio, Texas, said that he’s noticed a recent change regarding the lengths that car owners will go to to keep their current set of wheels in working condition.
Before, they used to say, ‘It’s too much money to put into this car. It’s pretty old, so I want to trade it in for a new one.’ But lately, it’s the other way around,” Salazar said, noting that the best way to keep your vehicle in running shape is to invest in routine maintenance.
Treat it like a baby. It’ll last longer,” Salazar said.
Christopher Boyle is an investigative journalist, videographer, reporter and writer for SEARCHEN NETWORKS® as well as other independent news and media organizations in the United States. Christopher works on a wide variety of topics and fields, has been featured in print and online in a variety of publications, from local to national, and helps keep a keen-eye on what’s happening in the automotive world for Auto Buyers Market.