Americans are keeping their old cars running longer, according to data released this week by S&P Global Mobility.
Why it matters: We're holding on to our cars in part because they're better-built than they used to be — but also because it's just too expensive to buy a new one.
Between the lines: The aging of the U.S. auto fleet is good news for car dealers, neighborhood mechanics and auto parts retailers who make their money on car repairs and service.
Zoom in: There were 286 million registered vehicles in the U.S. as of Jan. 1, about 2 million more than the prior year.
- The average age of those cars has been rising steadily for two decades.
- It now stands at a record 12.6 years, per S&P Global Mobility.
The bottom line: COVID 19-related supply chain shortages disrupted car sales in 2020 and beyond — another reason people have hung on to their older cars.