Recession Sees Cutbacks as Americans' Autos Get Older

by Arkansas Business Staff  on Monday, Jun. 9, 2014 12:00 am  

Americans reduced their annual spending on vehicles during the Great Recession, while at the same time the age of their vehicles increased, according to the U.S. Bureau of Labor Statistics.

From 2008 to 2012, the average age of vehicles in the United States rose as owners held on to their cars, trucks and vans longer.

“The trend in aging autos coincides with declines in average household income in 2008; however, subsequent recovery in households’ incomes and a return to previous levels of expenditures on vehicles in 2012 do not appear to have reversed the pattern of aging,” a BLS report says.

The numbers indicate that households continue to own the same number of vehicles during the last 10 years but are owning them longer. The average age of Americans’ cars, vans, sport utility vehicles and trucks increased from 10.1 years in 2007 to just over 11.3 years in 2012.

 

 

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