Average age of vehicles on the road reaches new high

Cars are lasting longer and people are keeping them longer too.

For the first time ever, the average age of vehicles on the road right now has topped 12 years.

That's according to research firm IHS Markit

More car shoppers are going used because of a shortage of new vehicles due to the pandemic, which has driven up used car prices.

The average used car was just over $20,400 in May, which is more than a 46% increase from 2020.

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