An uncertain economy is encouraging Americans to hold onto their vehicles rather than purchase new models, according to market researcher Jim Lang, publisher of Aftermarket Insight.TM As a result, he says, vehicle age will record unprecedented growth over the next three years.
The average age of cars and light trucks on U.S. roads will increase from 10.1 years at the beginning of 2009 to an estimated 11.3 years by 2013. “This will be the greatest surge in overall car and light truck age in more than 40 years,” according to Lang. This rapid age gain will result primarily from the dramatic decline in new vehicle sales, which began in 2008. The number of vehicles five years and younger will continue to shrink until 2013.
Lang says domestic cars will record the fastest age growth between 2009 and 2013, soaring from 11.9 to 13.7 years, according to Lang’s latest projection.
Rapidly increasing car and light truck age means that, as older vehicles are driven more miles, many will experience an additional replacement cycle across a wide range of replacement parts. It will become increasingly difficult for consumers to delay these repairs since most of these products are necessary for vehicle operation.
Mopar® has a full line of parts to help respond to the increased demand—and factory-developed technical support and tools. For more information, visit www.mopar.com or your Mopar Magazine dealer.
Source: Langmarketing.com