The average age of light vehicles in the U.S. has risen once again as consumers continue to hold onto vehicles. IHS Markit said today that the average age of light vehicles is now 11.6 years, based on a snapshot of vehicles in operation on Jan. 1, 2016, the most recent analysis. That’s up from 11.5 years the previous year. Registrations for light vehicles in operation in the U.S. hit a record 264 million, an increase of more than 6.2 million, or 2.4 percent.
- The average age of light-duty vehicles on U.S. roadways increased to 11.6 years this year, and registrations climbed 2.4% to 264 million, according to IHS Markit.
- Despite the increased popularity of ride-hailing and carsharing, registrations have reached a record level. The increase in 2016 was the highest annual increase since the auto industry began tracking this data.
- Consumers have been holding onto their vehicles longer than ever. At the end of 2015, the average length of ownership measured a record 79.3 months, more than 1.5 months longer than reported in the previous year.
“Consumers have been holding onto their vehicles longer than ever. At the end of 2015, the average length of ownership measured a record 79.3 months, more than 1.5 months longer than reported in the previous year.”