May 2022

U.S. Light Vehicle Age Rises for 5th Consecutive Year

The average age of U.S. light vehicles in operation has risen for a fifth straight year. The average age rose to 12.2 years in 2022, a nearly 2% increase from the average life in 2021 of just over 12 years.

S&P Global said in a statement that the increase was driven by the global microchip shortage and supply chain issues causing a “constrained supply of new cars and light trucks, amid a strong demand for personal transportation.” S&P Global predicted in the study that the issues surrounding supply and microchip shortages will continue to increase the average age of light vehicles through at least 2023.