Americans are keeping their Vehicles Longer than ever due to the high cost of buying a new car. The average age of a passenger Vehicle on the road hit a record 12.5 years this year. The shortage of automotive computer chips caused by the pandemic has made new vehicles scarce and expensive on dealer lots, pushing prices to record highs. Loan rates on new car purchases have also increased as a consequence. Sedans like Ryan Holdsworth's Chevy Cruze are even older on average, at 13.6 years. Used vehicle prices have surged even more since the pandemic hit, making it more expensive for families to buy either a new or used car. Auto mechanics have been overwhelmed by the number of older vehicles that are coming in for repairs. Many vehicle owners are choosing to simply pay for repairs rather than buy a new car. The trend is likely to slow the advancing age of the U.S. fleet and boost overall sales.

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