Average Age of Vehicles on the Road is at an All-time High
A recent study by IHS Markit in the U.S. reveals that the average age of cars and trucks on the road today is 11.8 years, marking a new record. And this number is expected to surpass 12 years early in the next decade.
In other words, the average vehicle you come across in the street or on the highway is from the 2007 or 2008 model year.
While these numbers apply specifically to American vehicles, it’s safe to assume that the reality is similar in Canada. For repair shops, that’s good news.
So, what can explain this situation?
“People are feeling comfortable keeping vehicles longer because they're built better than in the past,” says Mark Seng, IHS Markit Director of Global Automotive Aftermarket. “The quality is higher, lasting longer, withstanding the weather.”
Seng also points out the fact that original owners are financing their vehicles for longer—six or even seven years in many cases—encouraging them to keep their cars or trucks longer and maintain them better.
“That helps improve the overall life of the vehicle,” he says.
The study also shows that the average vehicle on the road is older in the Western part of the land than, say, the Northeast region. That's largely due to more favourable weather conditions and less stop-and-start traffic that wears on a vehicle.