Vehicles on the road in the United States are aging, reaching a new milestone according to recent data from S&P Global Mobility. The average age of cars and light trucks has now hit a record of 12.6 years in 2024, showing a slight increase from the previous year. This trend indicates a growing market for aftermarket and vehicle service companies as older vehicles require more maintenance and repairs.

Several factors contribute to the increasing average age of vehicles. High prices of new vehicles, with the average transaction price reaching $47,218 in March 2024, are a significant barrier for many consumers. Moreover, persistent inflation and uncertainties surrounding the transition to electric vehicles are prompting owners to hold onto their vehicles for longer periods, leading to the overall aging of the vehicle fleet.

The aging vehicle population presents new opportunities for businesses in the aftermarket and vehicle service industry. As consumers opt to keep their cars on the road for longer, the demand for repair services and maintenance is expected to rise. This shift in consumer behavior is reshaping the automotive landscape and creating a favorable environment for companies catering to the needs of older vehicles.