Consumers are increasingly delaying new car purchases, with consumers keeping their internal combustion cars longer, even at an average vehicle age of 12.5 years, according to a study by S&P Global Mobility.
The study was carried out in the United States and this age is the highest recorded in six years, during which time the number has been increasing.
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There are many factors behind the rise in age, with the study citing lack of inventory with distributors and low demand due to inflation and high interest rates as the main reasons.
Also, another thing that keeps people holding on to their old cars for a while is the fact that new vehicles are more expensive today than ever before.
However, the consulting company expects a better future for car sales, as increased availability of the vehicle and renewed demand will propel sales in that country to more than 14.5 million units in 2023.
The consultancy also added electric vehicles to its study due to their increasing advancement; They are actually reducing their average age, because in this case it is only 3.6 years so far in 2023 in the United States.
That’s just short of the 3.7-year mark for 2022; Since 2017 the average has been between three and four years.
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electricity will soon be out of service
However, over a 10-year period, 6.6% of electric vehicles in operation were phased out.
S&P said that during the same period, only 5.2% of combustion vehicles went off the road.
With information from Xataka