High Car Prices Result in Americans Holding Onto Aging Vehicles
Higher car prices are forcing Americans to hold onto their vehicles longer than they want to, according to a new survey,
The price of new and used cars remains high, with many car owners planning to delay selling their vehicles, along with rising borrowing rates and high inflation cutting into many Americans’ expenses.
The average age of a passenger vehicle in the United States hit a record 12.5 years in 2023, according to data gathered by S&P Global Mobility.
A sudden push by the government to encourage a transition towards electric vehicles and the supply chain crisis has triggered a global shortage of automotive semiconductor chips….