Logos Stick said:
Bidenomics has driven the price of new cars through the roof. Coupled with general, mass inflation, it seems people are holding on to their existing vehicles. I would think this tends to hurt the poors the most since they rely on used vehicles and the inventory is smaller.Quote:
The average age of U.S. cars and light trucks this year rose to a record 12.6 years, according to the report by S&P Global Mobility on Wednesday, up by two months from 2023.
Though the rise in the average age of vehicles has slowed as new registrations improve, S&P said it expects those aged six to 14 years or older to account for 70% of the vehicles in operation over the next five years.
https://www.reuters.com/business/autos-transportation/americans-keep-vehicles-record-126-years-average-despite-easing-supplies-sp-says-2024-05-22/
My philosophy is keep the car until it breaks down or I total it. Since I drive Toyotas/Lexus, I've never actually had one break down. But I have totaled three of them with over 200k miles.