Blame rising prices, a weak economy, improved quality or simply the desire to add more vehicles to the household fleet. Whatever the reason, the typical vehicle on U.S. roads is now older than ever – and the number of vehicle has grown by more than 35 million since the start of the Millennium.
If the car, truck or crossover parked in your driveway is typical, it’s now 10.8 years old, according to a new study by the suburban Detroit-based research firm Polk. That’s up a full year compared to 2007, just before the U.S. economy spun into the ditch. At the same time, the data tracking firm reports that there are now 240.5 million vehicles in operation in the country, down about a half percent since the start of the Great Recession.
“The increasing age of the vehicle fleet, together with the increasing length of ownership, offers significant business growth opportunity for the automotive aftermarket,” said Mark Seng, global aftermarket practice leader at Polk. “Dealer service departments and independent repair facilities, as well as aftermarket parts suppliers, will see increased business opportunity with customers in need of vehicle service.”