With more than 284 million vehicles in operation (VIO) on US roads, the average age of cars and light trucks in the US has risen again this year to a new record of 12.5 years, up by more than three months over 2022, according to the latest analysis from S&P Global Mobility. The growth is in line with the firm's prediction from last year that constrained new vehicle sales would continue to impact and put upward pressure on the average age. In addition, the continued rise of light trucks/utilities means the number of passenger cars on the road will fall beneath 100 million for the first time since 1978.
This is the sixth straight year of increase in the average vehicle age of the US fleet. It also reflects the highest yearly increase since the 2008-2009 recession, which caused acceleration in average age beyond its traditional rate due to the sharp decline in new-vehicle sales demand.
In 2022, the average age experienced upward pressure initially due to supply constraints that caused low levels of new vehicle inventory, and then by slowing demand as interest rates and inflation reduced consumer demand in the second half of the year. The combined effect caused retail and fleet sales of new light vehicles in the US to drop 8% from 2021's 14.6 million units to 13.9 million units in 2022, the lowest level recorded in over a decade.
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