Average Age of Vehicles to Increase
April 1, 2016—Cars and light trucks 15 years and older will be the fastest growing vehicle age group, reaching more than 11 million vehicles in operation by the end of 2019, according to the latest Lang iReport.
It is a 17 percent increase in the size of the vehicle age group, and will influence parts, product volume, product brands and repair locations. Repair shops can expect to see a boost in business as consumers need to repair the older vehicles to keep them on the road. Consumers are more cost conscious, and may choose aftermarket brands over OE brands as well.
Fast-growing older vehicles are adding to the repair and maintenance volume of independent outlets, as older vehicles are disproportionately taken to independent outlets for repair rather than to vehicle dealers.