I own a car older than that.  But also one younger.

average age of passenger cars in operation

This looks and feels like a long term trend, which could be an example of how reliable cars have become.  Or it could be that this should have peaked in 2008 but the financial crisis rearanged our priorities.  But in all honesty, people are bogged down with so much student loan debt that they probably can’t afford to buy a car even if they wanted to.  We already learned that young people aren’t into buying houses anymore.  Maybe they aren’t into cars either.

One of the big questions coming out of this recession is whether people’s habits have changed permanently.  Either by choice or constraint, they’ve held on to more conservative borrowing and spending longer than I would have thought.

Source: Department of Transportation Bureau of Transportation Statistics

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categories: cars, loans, personal