It might not seem like it, but your decade-old car is the new normal. A recent study from IHS Market has shown an increase in the age of cars for the average North American driver, now reaching a median of 12.1 years, up from 9.6 in the early 2000s, and showing a staggering 2 month increase during 2020 alone.
The study links the recent increase in average car age with the economic effects of the COVID-19 pandemic. While this 12.1 year average is the highest recorded to date, the study estimates that 2021 and 2022 will see a slight decrease in this number as more people commit to new car contracts as the market stabilizes.
The research shows that this is an excellent time for vehicle maintenance businesses as drivers choose to invest in their older models rather than purchasing new. The traditional 100,000 km lifespan of a vehicle has increased in public opinion to upwards of 300,000+ km, with drivers in seemingly no hurry to trade in their dated models.