Average car on the road ages slightly to 11.6 years
The average vehicle on the road is slightly older than last year, at 11.6 years, said IHS Markit. Vehicles in operation reached a record of 264 million up more than 6.2 million from last year. That represents the highest annual increase since the industry began tracking growth.
A key reason is the high quality of todayês cars, said Mark Seng, director of global automotive aftermarket practice at IHS Markit. Consumers are holding on to their cars longer than ever. At the end of 2015, the average length of ownership was 79.3 months, more than 1.5 months longer than a year earlier. For used vehicles, it is nearly 66 months.
The oldest vehicles on the road are the fastest growing category. Vehicles 16 years and older are expected to grow from 62 million units today to 81 million units in 2021. By 2021, more than 20 million vehicles on the road will be more than 25 years old.Download Bulletin PDF