Drivers hold onto cars in pandemic; average age hits record

The coronavirus pandemic is causing drivers to keep their cars and trucks longer. The average age of a vehicle on U.S. roads edged up by a month this year to record 11.9 years. The IHS Markit consulting firm says the pandemic has caused consumers to put the brakes on spending and hold onto their current vehicles for a longer period. As a result, fewer new vehicles are coming onto the roads, pushing up the average age. IHS says the change creates opportunities for repair shops and parts outlets because older vehicles need more service. There are about 280 million vehicles registered in the U.S., up 1% from 2019.