Reported 5 months ago
Americans are holding onto their cars for longer than ever before, with the average age of a car on the road reaching a record 12.6 years, according to a study by S&P Mobility. Factors such as higher loan costs, rising insurance premiums, and supply constraints due to the pandemic are leading drivers to keep their current vehicles instead of trading them in for newer models. The report predicts that within the next 5 years, older passenger vehicles will make up 70% of all cars, SUVs, and small trucks on the road. Additionally, AAA expects a record 38.4 million drivers to hit the highways over the upcoming three-day weekend.
Source: YAHOO