CHARLOTTE, N.C. — It's no secret, high prices and a low supply of new cars are keeping folks away from the auto dealer.
CNBC reports the average age of a consumer vehicle rose by more than three months. That's the highest year-over-year increase since the great recession.
Here's why it matters.
This is good news for repair shops and auto parts retailers like AutoZone. The older cars get, the more repairs they will need, bringing more money to your local body shop owner or O’Reilly in town.
Still, the number of new registrations for certain kinds of vehicles is going up. S&P said new battery electric vehicle registrations jumped 58% last year. Analysts add 78% of all new vehicles registered in the U.S. Last year were crossovers, trucks, or SUVs.
Contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, Twitter and Instagram.
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