America’s cars are getting older. And that’s good news for both auto supply chains and car dealerships, Phil LeBeau, CNBC Auto Reporter, told Squawk Box.
The days of trading in the Oldsmobile for a new model every two years has gone the way of the, well, the Oldsmobile.
“The average age of a car hit an all-time high in 2011,” he said, citing numbers from Polk, which looks at national vehicle registration data.
The average vehicle has been running for 10.8 years, up from 10.6 years in 2010. If you break it down into cars vs. light trucks, the average age of cars is 11.1 years old, while trucks are a bit younger: 10.4 years old. Altogether, there are now 240.5 million cars and light trucks on the road.