(KERO) — Americans are holding onto their cars longer than ever. That's according to new data from S&P Global Mobility.
The latest analysis shows the average car on the road is around 12-1/2 years old. For the sixth straight year they've seen the average age increase.
An older fleet of vehicles means more repair work will be needed which will likely cause a surge in after-market repair opportunities.
The report points to supply chain issues in 2022, rising interest rates and inflation, as well as slowing demand for new cars as some of the reasons fewer Americans are willing to give up on their older vehicles.
