Additionally, COVID-19 has accelerated the increase of vehicle age. In the early 2020’s, the pandemic caused many buyers to stay indoors as car manufacturers scrambled to modify and update their distribution systems to adhere to social distancing norms. With the decline in new car sales, owners opted to keep their older cars longer increasing the average age of cars by nearly two months in 2021 compared to the year prior.
The pandemic also shifted the lifestyle of many households and limited travel or mileage on owned vehicles to record lows. With many families adopting a more home-based work environment with less driving and commuting, the pressure of upgrading or updating vehicles diminished. Post pandemic, many households are starting to return to normal; however, their work requirements of office-based work have permanently changed with many families opting to work from home either part time or full time. This shift in local travel has caused many car owners to keep their cars longer.
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