The research shows the average age of vehicles has been increasing since 2011, highlighting a trend in popularity of older and higher-mileage vehicles. Data from a Cox Automotive analysis shows that the sale of high-mileage vehicles grew 7 percent in the first quarter of 2022. Previously, vehicles with over 150,000 miles were often deemed unqualified for retail sale and were instead sent to auction to be purchased by independent dealers.
The U.S. vehicle fleet — which includes all light cars and trucks — increased by 3.5 million vehicles to a total of 283 million in 2022, according to S&P Global.
The statement said a continued decline in vehicle scrappage and a flux in demand for used vehicles have contributed to the increase in vehicle age. Vehicle miles also returned to pre-pandemic levels, according to the study, “increasing by more than 10 percent in 2021 as lockdowns eased and people returned to work and leisure travel,” with each light vehicle averaging 12,300 miles in 2021.
Electric vehicles, however, have seen a decrease in their average life from last year. S&P Global said the total number of battery-electric vehicles in operation has increased nearly 40 percent to 1.44 million in 2022, with the average age decreasing to 3.8 years from 3.9 years in 2021.
“It’s a function of the fact that right now, the share of new EVs being sold each year is such a large share of the overall [EV] population,” Campau said.
S&P Global predicted in the study that the issues surrounding supply and microchip shortages will continue to increase the average age of light vehicles through at least 2023.
“I think there’s definitely going to be upward pressure on average age through probably 2024, maybe even ’25,” Campau said. “Then I think it will level off once the new-vehicle supply starts to catch up with demand. There’s even a potential, I think, that we could see average age maybe even come down slightly … when that pent-up demand for new vehicles is released.”
