Americans Keep Cars Longer Amid High Prices and Interest Rates

U.S. consumers are extending the lifespan of their vehicles as rising new-car prices and elevated interest rates strain household budgets. This shift in behavior is reshaping the auto industry, with average vehicle age climbing to record levels.

Affordability concerns are the primary driver, as the combination of higher borrowing costs and sticker prices pushes buyers to delay upgrades. The trend is expected to persist as long as these financial pressures remain.