By: Klon Perez Updated 12 May 2022, 9: 47 am EDT
The average age of light vehicles reached its historical maximum in the United States in this 2022 upon arrival at 150 millions. Specifically as light, passenger cars and small trucks are defined.
These data were obtained after an investigation carried out by S&P Global Mobility, a company dedicated to the collection of automotive data and that seeks to optimize business. The average of 12.2 years old for cars in the US it represents an increase of almost two months compared to the previous year.
This is the fifth consecutive year that the average age of cars in the US has increased despite the fact that the vehicle fleet recovered reaching 3.5 million units during 2021.
The main causes of this increase According to the analysis, they are the global shortage of microchips, added to the problems in the supply chain and the challenges that having a good inventory of cars represents today. For example, the limitations of manufacturers to have access to chips has delayed the production of many cars that would already be in circulation today.
As there is a limited and delayed supply of new cars, it is normal that users have chosen to continue using their vehicles for much longer time than they themselves would have wanted. In fact, this also influenced the purchase of used cars, and logically longer-lasting ones, to increase in the US, being also influential in the increase in the average age.
“Chocolate cars” will be regularized in seven border states with the USThe effect goes even further. During 2020 scrapping figures reached their record in 20 years being up to 15 million units withdrawn from circulation, while in 2021 were only 05 millions.
Another aspect to take into account is that after the pandemic has largely been overcome, car traffic has increased by more than 10 % during the 2021 and is expected to continue growing. This has increased the average for repairs of cars in recent months. Studies indicate that due to the shortage of components and problems in the supply chains, the trend is not reversible, at least during 2021 Y 2023 .
Electric cars
The demand for electric cars has been quite high lately. Growing even during the height of the pandemic. In fact, it has reduced the average age from 3.9 years to 3.8 for 2022. Since 2020 it has remained at an average of between 3 and 4.1 years.
While some of the new vehicle demand has been destroyed, as supply chain challenges ease, some of the pent-up demand for new vehicles is expected to be realized by the middle of the decade. At that time, scrapping rates could increase, creating the climate to moderate the average ageTodd Campau, Associate Director, Aftermarket Solutions, S&P Global Mobility
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