The longer people keep their internal-combustion cars, the longer it will take to replace them with greener technology.
S&P Global Mobility reports that the average age of light vehicles on U.S. roads has reached an all-time high of 12.5 years. Two decades ago, the average age of a car was 9.7 years.
New cars cost more and last longer, giving owners a reason to hold on to their cars longer. Older cars, however, require regular maintenance and replacement parts and are more likely to change hands between owners or be retired altogether.
The added reliability of new cars comes at heftier prices. Kelley Blue Book reported that April 2023’s average new vehicle transaction price was $48,275, up 3.7% from a year earlier due to the popularity of higher-priced trucks and SUVs.
The report adds that petrol-to-electric car conversion will take decades. Citing experts, it adds that most petrol-powered cars will stick around up until 2050, or beyond. The reason for that is the exorbitant prices, poor reliability, and short life of electric vehicles (EV)
According to the report, the average age of an EV is just 3.6 years in 2023. However, Recurrent, which tracks battery data, found that EVs last longer than their 8-year, 100,000-mile warranty.
EV makers claim that their cars can last 15-20 years, but no modern EV has been around long enough to prove that claim. The report acknowledges that EVs are less harmful to the environment than petrol cars in terms of global carbon footprint.
While there is no denying the fact that the future is electric, petrol-powered cars aren’t going anywhere anytime soon, it added.
