Cars on the road today are now older than ever – and you can bet the recession is at least partially to blame. The average age of a driven vehicle in 2011 was 10.8 years, an all-time record in America, according to the Center for Automotive Research.
This trend has also caused a slump in new car sales. Only 12.8 million new cars were purchased in 2011. This was down from 16 million in the early 2000s, according to The Detroit News. Another unfortunate side effect of the recession was a rise in personal debt for many Americans. This can result in lower credit scores, thereby disqualifying many from new car purchases.
Gas has also been a huge issue. Its price seems more stable now, but the turmoil over the price of oil, the wars overseas, and the unstable political and economic climates both here and abroad had a drastic effect on the commodity for years. Many Americans responded by simply staying home.
Now that the country’s in recovery, the average age of cars will likely drop as Americans rebuild their credit, find more job opportunities and take advantage of all the deals to be had.