Photo: screenshot from Vimeo
As of January 1st, 2014, the average age of light vehicles on United States roads remained flat at 11.4 years. The IHS Automotive report also hints that a record 252.7 million light vehicles are currently in operation, a 2 percent increase from January 1st, 2013.
The aforementioned figure matches the average vehicle age from early 2013, and the IHS doesn't expect any changes whatsoever until the beginning of 2015. "In our history of tracking, we have seen a gradual increase in the average age of vehicles on the road," said Mark Seng, director of aftermarket solutions at IHS Automotive.
"This year, we're seeing somewhat of a plateau in the market, and expect it to remain over the next few years, without a major change in either direction. We attribute this to a number of factors, including the economy and the increasing quality of today's automobiles," he continued.
The official thinks that we are just beginning to see the impact of what happened to new car registrations from the recession years. This slow growth rate compared to the last five years reflects the auto industry's rebound and increase in new car sales.
Just to put that into perspective, the average age of vehicles rose just 5 percent from 2004 to 2009, while during the 2009 - 2014 recession years, the average age soared 11 percentage points. A 3 percent increase is expected through 2019, which means that more and more people will hold on to their aging cars.
According to IHS Automotive forecasts, the volume of 12 years and older vehicles is expected to increase by 15 percentage points over the next 5 years, while new to 5-year-old cars will see a 32 percent rise.
"This year, we're seeing somewhat of a plateau in the market, and expect it to remain over the next few years, without a major change in either direction. We attribute this to a number of factors, including the economy and the increasing quality of today's automobiles," he continued.
The official thinks that we are just beginning to see the impact of what happened to new car registrations from the recession years. This slow growth rate compared to the last five years reflects the auto industry's rebound and increase in new car sales.
Just to put that into perspective, the average age of vehicles rose just 5 percent from 2004 to 2009, while during the 2009 - 2014 recession years, the average age soared 11 percentage points. A 3 percent increase is expected through 2019, which means that more and more people will hold on to their aging cars.
According to IHS Automotive forecasts, the volume of 12 years and older vehicles is expected to increase by 15 percentage points over the next 5 years, while new to 5-year-old cars will see a 32 percent rise.
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