Cars on the road are older than ever, according to IHS automotive, who estimated the combined average age is currently at 11.4 years.
“In our history of tracking, we have seen a gradual increase in the average age of vehicles on the road,” said Mark Seng, IHS Automotive’s director of aftermarket solutions and global aftermarket practice leader, in a release. “We attribute this to a number of factors, including the economy and the increasing quality of today’s automobiles.”
Paul Wible, senior vice president and group head of Bank of the West’s National Finance Group, agrees that sales can be affected by a variety of elements, including demographic changes and general economic conditions, but points out that overall quality in the automotive industry has risen as well.
“The improvements in manufacturing and quality of the cars that are built today are truly remarkable,” Wible said. “The durability of the engines, the transmissions, and the paint of cars made today are extraordinary compared to models from a few years ago.”
IHS estimates that the average age will hold steady at 11.4 years through 2015 and rise slowly until the year 2019. But despite the fact that consumers are holding onto their automobiles for longer than ever, Wible remains excited about new car sales.
“We’re minting drivers every day. Someone is turning 16 somewhere,” Wible said. “And you have to admit, nothing is more exciting that getting a new car.”
Bank of the West is a subsidiary of BNP Paribas and is headquartered in San Francisco.
