Average Auto Age Hits 17-Year High (F) (GM) (HMC) (TM)
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New data Tuesday morning exemplifies what has been happening in the U.S. with the slumping economy, but there could be a bright spot in the works.
According to data from research firm Polk Tuesday, the average age of cars driving on U.S. roads rose from 10.6 years in 2010 to 10.8 years last year. The number is the highest recorded by Polk since data started being gathered in 1995. Of the total, passenger cars are about 11.1 years old on average, while light trucks are aged 10.4 years.
Data also showed just 492,170 vehicles began driving on U.S. roads last year, bringing the overall total to 240,504,646. The highest recorded amount of vehicles on U.S. roads was 2008, at 242,081,704 units.
Automakers like Ford (NYSE: F), General Motors (NYSE: GM), Chrysler, Honda (NYSE: HMC) and Toyota (NYSE: TM) will likely cheer the finding as they look for ways to entice buyers into showrooms.
The companies most likely to benefit from the older vehicles are aftermarket parts makers, although new sales might perk up somewhat. With overall sales in the U.S. on the decline from 17 million units in 2009, automakers will take any help they can get.
Ford shares are up about 0.6 percent on the session, while shares of GM are down about 0.2 percent.
According to data from research firm Polk Tuesday, the average age of cars driving on U.S. roads rose from 10.6 years in 2010 to 10.8 years last year. The number is the highest recorded by Polk since data started being gathered in 1995. Of the total, passenger cars are about 11.1 years old on average, while light trucks are aged 10.4 years.
Data also showed just 492,170 vehicles began driving on U.S. roads last year, bringing the overall total to 240,504,646. The highest recorded amount of vehicles on U.S. roads was 2008, at 242,081,704 units.
Automakers like Ford (NYSE: F), General Motors (NYSE: GM), Chrysler, Honda (NYSE: HMC) and Toyota (NYSE: TM) will likely cheer the finding as they look for ways to entice buyers into showrooms.
The companies most likely to benefit from the older vehicles are aftermarket parts makers, although new sales might perk up somewhat. With overall sales in the U.S. on the decline from 17 million units in 2009, automakers will take any help they can get.
Ford shares are up about 0.6 percent on the session, while shares of GM are down about 0.2 percent.
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