Thursday, May 15, 2014

Autos Are Aging

The nation's automobiles are rapidly aging, according to an analysis by the Bureau of Labor Statistics. In 2012, the average age of the nation's cars, vans, and SUVs was 11.3 years. This is up from 10.2 years in 2007. But the small uptick in average age masks the marked change in the age distribution of the nation's vehicles.
  • In 2012, only 15 percent of the automobiles owned by American households were new-to-five-years-old, down from 23 percent in the 2000-to-2007 time period.
  • In 2012, the 52 percent majority of vehicles owned by American households were at least 11-years-old, up from 44 percent in the 2000-to-2007 time period.
Interestingly, annual vehicle maintenance costs do not vary all that much by age of vehicle. Americans spend an average of $437 a year maintaining new-to-5-year-old automobiles. Spending peaks at $588 a year on 6-to-10-year-old vehicles. The oldest vehicles, at least 26-years-old, cost an average of $502 in annual maintenance.

Source: Bureau of Labor Statistics, Americans' Aging Autos

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