The financial crisis may be more or less over and automotive sales are on the rise in the U.S., but according to a study by Polk, the average age of light vehicles has risen to record levels and is still going up.
For passenger cars, the age went up from 9.8 years in 2002 to the 11.4 figure we have today, as does their number – there are currently 247 million of the vehicles in total on the road. Light trucks have also suffered the same trend, and while they were generally a bit newer than cars in 2002, they have almost caught up, with their current average age standing at around 11.3 years.
This is be attributed to the decreasing sales of new cars, which plummeted in 2007 and have still yet to recover completely – they are still below mid-decade levels. It could also be that cars are more durable, and therefore owners don’t feel the need to swap them out for a new one every three years.
Moreover, it is predicted that by 2018, the number of cars driving around US roads will reach 260 million.
Mark Seng, vice president of Polk’s aftermarket practice, commented: “These are interesting times for the automotive aftermarket. Customers from independent and chain repair shops should be paying close attention to their business plans and making concerted efforts to retain business among the do-it- for-me (DIFM) audience, while retailers have a unique and growing opportunity with potential consumers wrenching on their own vehicles.”
The last part of the study focuses on the age segments: 0-5, 6-11 and 12+ years, but it is best viewed in table-form posted below.
