In 2021, the average age of vehicles on American roads reached a record 12.1 years. This trend is attributed to cars becoming more durable and expensive. Many buyers, especially those with limited budgets, are turning to used vehicles. While the rising vehicle age may impact new car sales, automakers are continually adding technology and features to entice buyers. Toyota vehicles are known for their durability, with some models lasting well over 200,000 miles. The electric vehicle market poses challenges due to rapid technological advancements. Vehicle subscriptions are emerging as a solution, offering inclusive ownership packages. The transition away from passenger cars toward light trucks is also changing consumer preferences. Overall, Americans are holding onto their vehicles longer, with many finding satisfaction in driving beloved older cars.
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1. In 2021, the average age of vehicles on the road in America reached a record 12.1 years.
2. Two big reasons for the increasing vehicle age are growing durability and increasing expenses.
3. Many buyers, especially those with less money to spend, are seeking out used vehicles as new vehicle prices climb.
4. 25% of the cars on the road in the US are at least 16 years old.
5. Toyota Land Cruiser is among the longest-lasting vehicles, with more than 16% of them on the road having at least 200,000 miles.
6. Consumer Reports lists cars most likely to reach 200,000 miles, populated entirely with Toyotas and Hondas.
7. The average price of a new vehicle in America reached a record $38,000 in December 2020.
8. Sales of cars costing less than $20,000 decreased from 20.1% in 2013 to 9.4% in 2020.
9. People are holding on to their cars longer due to increased durability and expenses, as well as the availability of parts and services.
10. The rise of electric vehicles may change the landscape, but their rapid technological advancement poses questions about vehicle value and residual values.
11. Vehicle subscription plans, inclusive of various costs, are being explored as a potential solution.
12. The Covid-19 pandemic has shifted consumer preferences towards RVs, ATVs, and light trucks, as more people work from home and rethink their vehicle choices.
13. Many Americans prefer to drive beloved old cars rather than buying brand new ones.
Please note that these facts are based on the information provided in the text, without including any opinions or interpretations.