U.S. motorists are holding onto their vehicles longer than ever, according to a new study, and the COVID-19 pandemic is getting much of the blame.
The typical car, truck and crossover is now a record 11.9 years old, reports IHS Markit, a month older than they were in 2019. The fact that cars are lasting longer and longer on the road should be a positive side effect for the aftermarket, as the majority of repairs for older vehicles come through the aftermarket channel.
The possibility of new lockdowns to halt the spread of the disease is one factor. But the surge in unemployment and the broader hit to the economy are likely to have an even more significant factor. Studies show many buyers, worried about their future, holding off on high-ticket purchases, including automobiles.
Read the article at The Detroit Bureau.