The Average American Automobile is Now Older than Ever

If you’re one of those people who is currently driving an older car, you may be feeling self-conscious as you navigate your way down the road. But if you stop and take a closer look, you may very well find you’re not the only one driving a “mature” automobile – not by a long shot!

Data from recently obtained Polk research shows that the average age of a vehicle on America’s roads is 11.4 years. (source) This is a new record, and the folks at Polk estimate the number will escalate even more in the coming years, especially since the number of vehicles 12 years or older is growing at an exceptionally fast rate. By 2018, Polk predicts this segment will grow by more than 20%.

During the recession, people were reluctant (or simply unable) to trade in their vehicles for newer ones – instead opting to keep the ones they had. Want proof? In 2002, the average age for a vehicle was 9.6 years. Go back a few years more and it was just 8.5 years in 1995.

According to Mark Seng, a Vice President at Polk, the recession isn’t the only reason people are keeping their cars. “Cars are just lasting longer,” he explained.(source) In addition, customers are financing their cars for longer periods of time, increasing the odds that they’ll keep them for at least the duration of the time they will be making the payments.

Seng believes this tendency will continue until new-car sales rise sharply – and stay that way for a long period of time. Low interest rates, increased confidence in the economy and exciting new models have helped sales somewhat, but it will take some time before we see a reversal of this trend.