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Average age of light vehicles now record high of 11.4 years, while average age of light trucks increased to record high of 11.3 years.
Polk, a global automotive market intelligence firm, has reported that the average age of all light vehicles on the road now stands at a record high of 11.4 years, based on a review of more than 247 million U.S. car and light truck registrations earlier this year. For passenger cars, the average age met a record high at 11.4 years, while the average age of light trucks also increased to a record 11.3 years. Polk expects this trend to continue, while a shift in the fleet of vehicles in operation (VIO) is underway.
As part of its most recent analysis, and the growth of vehicle registrations in the past few years, Polk found that the volume of 6- to 11-year-old vehicles also is declining, while the group of vehicles older than 12 years is on the rise.
Polk recently developed a new forecast for vehicles in operation (VIO) through 2018, the first of its kind in the industry, according to the company. With the rebound in new vehicle registrations, Polk is forecasting the total VIO to grow five percent to more than 260 million vehicles by 2018.
During the past five years, the 6- to 11-year-old segment grew marginally, and vehicles more than 12 years old increased by more than 20 percent. However, Polk expects the 6- to 11-year-old vehicle segment to shrink by more than 20 percent and the 12-plus year old segment to grow at a rate almost half of the prior five-year period.