The rising age of the average vehicle in America could mean much more business for repair shops and aftermarket parts suppliers, Car Scoops reports.

According to data from S&P Global Mobility, only 13.8 million cars, SUVs and light trucks were sold in 2022, making it the lowest number in a decade. As the supply of new cars has dwindled, drivers have retained their vehicles for longer lengths of time, with the average vehicle age climbing to 12.5 years.

Though the supply of new cars has now increased, demand has yet to. S&P Global Mobility has listed continuing inflation and high-interest rates as potential causes for this, with auto loans being lower than they were in the third quarter of 2020.

This trend could mean more business for repair shops as well as parts manufacturers. Not only will cars in the 12.5-year range require typical parts such as exhausts and suspension components, but sensors that are used by functions such as infotainment, communication and safety systems will be seen more frequently throughout service bays.

As customers hold onto their vehicles, it will potentially mean more business for shops, though they must remain conscious of still keeping their technicians trained and equipped to handle the increasing complexities in newer vehicles.