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Kiplinger
Kiplinger
Business
Ben Demers

With Car Prices Soaring, Americans Set Record for Driving Older Vehicles

Interest Rates United States Luxury SP Global SP Global Mobility US Federal Reserve
Rising car prices force Americans to drive older cars than ever.

Thanks to high new car prices, low vehicle inventories and elevated interest rates, drivers are avoiding trade-ins and upgrades at a previously unseen rate. According to a new report from S&P Global Mobility, the average age of passenger vehicles on U.S. roads set a new record in 2023.

Tough market: Rising car prices and production delays

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