Posted on: 08/10/2016

Automobiles are expensive and, according to Experian, through March this year the average length of a new-vehicle loan was 68 months. This is about 10 months shy of the average length of new-vehicle ownership.

A 2015 IHS Automotive analysis found consumers keep their new vehicles for 77.8 months, or about six-and-a-half years, on average. However, IHS said: In the U.S., IHS Automotive anticipates the average light vehicle age will continue to rise but will do so more slowly than seen in the years following the 2008-09 recession. While average age increased 15% from 2007-14, it will increase only about 3% by 2020 from its current level of 11.5 years.

So, the average age of vehicles will remain at 11.5 years but HIS said: In fact, by 2020, there will be approximately 76 million vehicles in operation (VIO) that are 16 years or older, up from just 35 million in 2002.