Polk: U.S. Vehicle Median Age Increased in 2008

The median age of passenger cars in operation increased to 9.4 years in 2008, breaking the previous two-year record high of 9.2 years, according to a new report by R. L. Polk & Co. In its annual report, Polk said that the median age for all trucks in 2008 increased to 7.6 years from 7.3 years in 2007. Light truck age increased from 7.1 years in 2007 to 7.5 years in 2008.

“As the fleet of pick-up trucks, SUVs and minivans purchased in the late 1980s and through the 1990s ages, their scrappage rates accelerate,” said Polk’s Dave Goebel. The percentage of total passenger cars and trucks scrapped in 2008 increased to 5.6 per cent compared to 5.2 per cent in 2007. The passenger car scrappage rate was 5.1 per cent. For all trucks, the scrappage rate was 6.3 per cent and light truck scrappage was 6.4 per cent, both up notably from 2007.

“The current economic environment, coupled with high gas prices last spring and summer, have resulted in consumers delaying purchases of vehicles because their discretionary income has fallen,” said Goebel. “Based on the uncertainty of what the future holds, consumers are trying to keep their current vehicles running longer, until their confidence improves.” (Tire Review/Akron)