With Car Prices Soaring, Americans Set Record for Driving Older Vehicles

Surging car prices and high interest rates are forcing more and more Americans to delay new vehicle purchases.

Rising car prices force Americans to drive older cars than ever.
(Image credit: Getty Images)

Thanks to high new car prices, low vehicle inventories and elevated interest rates, drivers are avoiding trade-ins and upgrades at a previously unseen rate. According to a new report from S&P Global Mobility, the average age of passenger vehicles on U.S. roads set a new record in 2023.

Tough market: Rising car prices and production delays

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Ben Demers
Audience Engagement Manager, Kiplinger.com

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.