In the second quarter of 2024, there were around 291.1 million vehicles operating on roads throughout the United States. Almost 38.9 million used vehicles changed owners in the U.S. between the second quarter of 2023 and the second quarter of 2024, while new registrations of vehicles came to about 15.5 million units during that period. Automotive market disparities The number of licensed drivers had been steadily increasing up to just under 235,100 in 2022, but the automotive market has been impacted by economic developments over the past few years. The U.S. vehicle fleet is aging, reflected by the slow increase of the average vehicle age from 11.7 years in 2018 to over 12 years in 2023. This is in part due to market disparities. The average selling price of new vehicles has been increasing to over 47,000 U.S. dollars in 2023, up from under 35,000 in 2016. Used car prices have also been rising amidst the chip shortages linked to the COVID-19 pandemic, reaching around 29,300 U.S. dollars in 2023. The majority of U.S. car owners earned more than 40,000 U.S. dollars per years, with the 50,000 to 75,000 income group owning over 33 percent of the vehicles in use. The boom of the used vehicle market Close to three-quarter of new car buyers were born between 1946 and 1981, with Gen X being the leading consumers by age group for both the new and used vehicle market. Used light vehicle sales have been steadily increasing since 2010, representing well over double the size of the new light vehicle market in 2023. With a product range priced below new vehicle prices, used vehicles are gaining momentum in the United States. The average American household spends some 5,500 U.S. dollars on vehicle purchases annually, with consumers in income groups earning above 100,000 U.S. dollars per year spending above 7,200 dollars annually on car buying. Used vehicle financing options are naturally more affordable than new vehicle financing options, with an average monthly payment over 726 dollars for loan payments for new vehicles.
In 2023, California had the most automobile registrations: almost 13.2 million such vehicles were registered in the most populous U.S. federal state. California also had the highest number of registered motor vehicles overall: nearly 30.4 million registrations.
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Key information about US Number of Registered Vehicles
Some 283.4 million vehicles were registered in the United States in 2022. The figures include passenger cars, motorcycles, trucks, buses, and other vehicles. The number of light trucks sold in the U.S. stood at 10.9 million units in 2022. U.S. vehicle registrations The United States is one of the world’s largest automobile markets based on the number of new light vehicle registrations, with more than 13.8 million new light vehicle registrations in 2021. However, domestic production of automobiles fell to around 1.6 million units in 2021 and has struggled to increase in 2022. At the same time, the United States imports a significant number of vehicles from various countries, such as Japan, Mexico, and Canada. Leading car manufacturers in the United States The leading car manufacturers overall in the United States include the domestic heavyweights General Motors and Ford. With respect to car brands, the Ford brand clocked in at number one in 2022, selling around 1.8 million vehicles in the United States alone. The brand's holding company is the Ford Motor Company; it was founded by Henry Ford in 1903 in Dearborn, Michigan. The company pioneered in large-scale car manufacturing and introduced production methods such as the assembly line.
The Vehicle Inventory and Use Survey (VIUS) is conducted in partnership with the Bureau of Transportation Statistics, Federal Highway Administration, and the U.S. Department of Energy to better understand the characteristics and use of trucks on our nation's roads. The survey universe for the VIUS includes all private and commercial trucks registered (or licensed) in the United States. This includes: pickups; minivans, other light vans, and sport utility vehicles; other light single-unit trucks (GVW = 26,000 lbs.); and truck tractors. The VIUS sample excludes vehicles owned by federal, state, and local governments; ambulances; buses; motor homes; farm tractors; unpowered trailer units; and trucks reported to have been disposed of prior to January 1 of the survey year. VIUS provides data on the physical and operational characteristics of the nation's truck population. Its primary goal is to produce estimates of the total number of trucks and truck miles. This dataset provides national and state-level summary statistics for in-scope vehicles, excluding pickups, SUVs, minivans, and other light vans, that were in use.
Over the course of the 20th century, the number of operational motor vehicles in the United States grew significantly, from just 8,000 automobiles in the year 1900 to more than 183 million private and commercial vehicles in the late 1980s. Generally, the number of vehicles increased in each year, with the most notable exceptions during the Great Depression and Second World War.
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Graph and download economic data for Sales: Retail Trade: Car Registration: Passenger Cars for United States (SLRTCR03USQ659S) from Q1 1960 to Q3 2021 about car registrations, vehicles, retail trade, sales, retail, and USA.
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Graph and download economic data for Sales: Retail Trade: Car Registration: Passenger Cars for United States (SLRTCR03USA180S) from 1960 to 2022 about car registrations, vehicles, retail trade, sales, retail, and USA.
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Graph and download economic data for National Totals of State Tax Revenue: T24t25 Motor Vehicles License and Motor Vehicle Operators License for the United States (QTAXT24T25QTAXCAT2USNO) from Q1 1992 to Q4 2024 about licenses, operating, revenue, tax, vehicles, and USA.
This dataset shows counts of transactions associated with authorizing vehicles to be used on public roads, commonly referred to as “buying tabs” or “buying tags”. The data includes registration activity by fuel type, county, primary use class, and date. This is comparable to the Fee Distribution Report #13, that is titled "Motor Vehicle Registration By Class and County".
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The United States Census Bureau has conducted surveys of manufacturing activity since 1810 with fluctuating frequency. Between 1919 and 1939 the Census of Manufactures (CM) was conducted biennially. This data collection consists of individual-plant data from the Census of Manufactures for 1929, 1931, 1933, and 1935, the only years in this span for which original returns are available. The records of the Motor Vehicle Industry have been coded to produce an electronic data set to provide the basis for microeconomic evidence for the study of the Great Depression. The data set contains observations on: basic information about the plants (e.g. name, location, owner, etc.), products made and materials used, operation and working hours, employment, wages and salaries, costs and amount of materials used, value and quantity of products by type, and power used.
85 percent of U.S. respondents answer our survey on "Most common car propulsion systems by type" with "Gasoline". The survey was conducted in 2024, among 8,458 consumers. Looking to gain valuable insights about car owners across the globe? Check out our
Sales of used light vehicles in the United States came to around 38.9 million units in the third quarter of 2024. The same period, approximately 15.6 million new light trucks and automobiles were sold here. Declining availability of vehicles In the fourth quarter of 2023, about 288.5 million vehicles were in operation in the United States, an increase of under one percent year-over-year. The rising demand for vehicles paired with an overall price inflation lead to a rise in new vehicle prices. In contrast, used vehicle prices slightly decreased. E-commerce: a solution for the bumpy road ahead? Financial reports have revealed how the outbreak of the coronavirus pandemic has triggered a shift in vehicle-buying behavior. With many consumer goods and services now bought online due to COVID-19, the automobile industry has also started to digitally integrate its services online to reach consumers with a preference for contactless test driving amid the global crisis. Several dealers and automobile companies had already begun to tap into online car sales before the pandemic, some of them being Carvana and Tesla.
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The US Automotive Service & Repair Industry is Segmented by Vehicle Type (Passenger Cars and Commercial Vehicles), Service Type (Mechanical, Exterior and Structural, and Electrical and Electronics), and Equipment Type (Tires, Seats, Batteries, and Other Equipment Types). The report offers market size and forecasts for the United States Automotive Service Market in value (USD Billion) for all the above segments.
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This layer shows household size by number of vehicles available. This is shown by tract, county, and state boundaries. This service is updated annually to contain the most currently released American Community Survey (ACS) 5-year data, and contains estimates and margins of error. There are also additional calculated attributes related to this topic, which can be mapped or used within analysis. This layer is symbolized to show the percentage of households with no vehicle available. To see the full list of attributes available in this service, go to the "Data" tab, and choose "Fields" at the top right. Current Vintage: 2018-2022ACS Table(s): B08201 Data downloaded from: Census Bureau's API for American Community Survey Date of API call: December 7, 2023The United States Census Bureau's American Community Survey (ACS):About the SurveyGeography & ACSTechnical DocumentationNews & UpdatesThis ready-to-use layer can be used within ArcGIS Pro, ArcGIS Online, its configurable apps, dashboards, Story Maps, custom apps, and mobile apps. Data can also be exported for offline workflows. For more information about ACS layers, visit the FAQ. Please cite the Census and ACS when using this data.Data Note from the Census:Data are based on a sample and are subject to sampling variability. The degree of uncertainty for an estimate arising from sampling variability is represented through the use of a margin of error. The value shown here is the 90 percent margin of error. The margin of error can be interpreted as providing a 90 percent probability that the interval defined by the estimate minus the margin of error and the estimate plus the margin of error (the lower and upper confidence bounds) contains the true value. In addition to sampling variability, the ACS estimates are subject to nonsampling error (for a discussion of nonsampling variability, see Accuracy of the Data). The effect of nonsampling error is not represented in these tables.Data Processing Notes:This layer is updated automatically when the most current vintage of ACS data is released each year, usually in December. The layer always contains the latest available ACS 5-year estimates. It is updated annually within days of the Census Bureau's release schedule. Click here to learn more about ACS data releases.Boundaries come from the US Census TIGER geodatabases, specifically, the National Sub-State Geography Database (named tlgdb_(year)_a_us_substategeo.gdb). Boundaries are updated at the same time as the data updates (annually), and the boundary vintage appropriately matches the data vintage as specified by the Census. These are Census boundaries with water and/or coastlines erased for cartographic and mapping purposes. For census tracts, the water cutouts are derived from a subset of the 2020 Areal Hydrography boundaries offered by TIGER. Water bodies and rivers which are 50 million square meters or larger (mid to large sized water bodies) are erased from the tract level boundaries, as well as additional important features. For state and county boundaries, the water and coastlines are derived from the coastlines of the 2022 500k TIGER Cartographic Boundary Shapefiles. These are erased to more accurately portray the coastlines and Great Lakes. The original AWATER and ALAND fields are still available as attributes within the data table (units are square meters).The States layer contains 52 records - all US states, Washington D.C., and Puerto RicoCensus tracts with no population that occur in areas of water, such as oceans, are removed from this data service (Census Tracts beginning with 99).Percentages and derived counts, and associated margins of error, are calculated values (that can be identified by the "_calc_" stub in the field name), and abide by the specifications defined by the American Community Survey.Field alias names were created based on the Table Shells file available from the American Community Survey Summary File Documentation page.Negative values (e.g., -4444...) have been set to null, with the exception of -5555... which has been set to zero. These negative values exist in the raw API data to indicate the following situations:The margin of error column indicates that either no sample observations or too few sample observations were available to compute a standard error and thus the margin of error. A statistical test is not appropriate.Either no sample observations or too few sample observations were available to compute an estimate, or a ratio of medians cannot be calculated because one or both of the median estimates falls in the lowest interval or upper interval of an open-ended distribution.The median falls in the lowest interval of an open-ended distribution, or in the upper interval of an open-ended distribution. A statistical test is not appropriate.The estimate is controlled. A statistical test for sampling variability is not appropriate.The data for this geographic area cannot be displayed because the number of sample cases is too small.
This layer shows household size by number of vehicles available. This is shown by tract, county, and state centroids. This service is updated annually to contain the most currently released American Community Survey (ACS) 5-year data, and contains estimates and margins of error. There are also additional calculated attributes related to this topic, which can be mapped or used within analysis. This layer is symbolized to show the count and percentage of households with no vehicle available. To see the full list of attributes available in this service, go to the "Data" tab, and choose "Fields" at the top right. Current Vintage: 2019-2023ACS Table(s): B08201 Data downloaded from: Census Bureau's API for American Community Survey Date of API call: December 12, 2024National Figures: data.census.govThe United States Census Bureau's American Community Survey (ACS):About the SurveyGeography & ACSTechnical DocumentationNews & UpdatesThis ready-to-use layer can be used within ArcGIS Pro, ArcGIS Online, its configurable apps, dashboards, Story Maps, custom apps, and mobile apps. Data can also be exported for offline workflows. For more information about ACS layers, visit the FAQ. Please cite the Census and ACS when using this data.Data Note from the Census:Data are based on a sample and are subject to sampling variability. The degree of uncertainty for an estimate arising from sampling variability is represented through the use of a margin of error. The value shown here is the 90 percent margin of error. The margin of error can be interpreted as providing a 90 percent probability that the interval defined by the estimate minus the margin of error and the estimate plus the margin of error (the lower and upper confidence bounds) contains the true value. In addition to sampling variability, the ACS estimates are subject to nonsampling error (for a discussion of nonsampling variability, see Accuracy of the Data). The effect of nonsampling error is not represented in these tables.Data Processing Notes:This layer is updated automatically when the most current vintage of ACS data is released each year, usually in December. The layer always contains the latest available ACS 5-year estimates. It is updated annually within days of the Census Bureau's release schedule. Click here to learn more about ACS data releases.Boundaries come from the US Census TIGER geodatabases, specifically, the National Sub-State Geography Database (named tlgdb_(year)_a_us_substategeo.gdb). Boundaries are updated at the same time as the data updates (annually), and the boundary vintage appropriately matches the data vintage as specified by the Census. These are Census boundaries with water and/or coastlines erased for cartographic and mapping purposes. For census tracts, the water cutouts are derived from a subset of the 2020 Areal Hydrography boundaries offered by TIGER. Water bodies and rivers which are 50 million square meters or larger (mid to large sized water bodies) are erased from the tract level boundaries, as well as additional important features. For state and county boundaries, the water and coastlines are derived from the coastlines of the 2023 500k TIGER Cartographic Boundary Shapefiles. These are erased to more accurately portray the coastlines and Great Lakes. The original AWATER and ALAND fields are still available as attributes within the data table (units are square meters).The States layer contains 52 records - all US states, Washington D.C., and Puerto RicoCensus tracts with no population that occur in areas of water, such as oceans, are removed from this data service (Census Tracts beginning with 99).Percentages and derived counts, and associated margins of error, are calculated values (that can be identified by the "_calc_" stub in the field name), and abide by the specifications defined by the American Community Survey.Field alias names were created based on the Table Shells file available from the American Community Survey Summary File Documentation page.Negative values (e.g., -4444...) have been set to null, with the exception of -5555... which has been set to zero. These negative values exist in the raw API data to indicate the following situations:The margin of error column indicates that either no sample observations or too few sample observations were available to compute a standard error and thus the margin of error. A statistical test is not appropriate.Either no sample observations or too few sample observations were available to compute an estimate, or a ratio of medians cannot be calculated because one or both of the median estimates falls in the lowest interval or upper interval of an open-ended distribution.The median falls in the lowest interval of an open-ended distribution, or in the upper interval of an open-ended distribution. A statistical test is not appropriate.The estimate is controlled. A statistical test for sampling variability is not appropriate.The data for this geographic area cannot be displayed because the number of sample cases is too small.
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United States US: Passenger Cars: Per One Million Units of Current USD GDP data was reported at 6.065 Ratio in 2019. This records a decrease from the previous number of 6.445 Ratio for 2018. United States US: Passenger Cars: Per One Million Units of Current USD GDP data is updated yearly, averaging 9.732 Ratio from Dec 1994 (Median) to 2019, with 26 observations. The data reached an all-time high of 16.741 Ratio in 1994 and a record low of 6.065 Ratio in 2019. United States US: Passenger Cars: Per One Million Units of Current USD GDP data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s United States – Table US.OECD.ITF: Motor Vehicles Statistics: OECD Member: Annual. PASSENGER CARS The stock of road motor vehicles is the number of road motor vehicles registered at a given date in a country and licenced to use roads open to public traffic. This includes road vehicles exempted from annual taxes or licence fee; it also includes imported second-hand vehicles and other road vehicles according to national practices. It should not include military vehicles.; PASSENGER CARS A passenger car is a road motor vehicle, other than a moped or a motorcycle, intended for the carriage of passengers and designed to seat no more than nine people (including the driver). It refers to category M1 of the UN Consolidated Resolution on the Construction of Vehicles. Passenger cars, vans designed and used primarily for transport of passengers, taxis, hire cars, ambulances and motor homes are not included. Light goods road vehicles, motor-coaches and buses and mini-buses/mini-coaches are not included. Microcars (needing no permit to be driven), taxis and passenger hire cars, provided that they have fewer than ten seats, are included.; PASSENGER CARS Passenger car refers to a motor vehicle other than a motorcycle, utility vehicle or low-speed vehicle consisting of a transport device typically designed for carrying eight or fewer persons.
Total vehicle registration counts per month by county
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Release Date: 2023-09-28.Release Schedule:.The data in this file was released in September 2023...Key Table Information:.The estimates presented are based on data from the 2021 Vehicle Inventory and Use Survey (VIUS). These estimates only cover vehicles registered during 2001 in one of the fifty United States (except New Hampshire) or the District of Columbia that are classified by vehicle manufacturers as trucks, minivans, vans, or sports utility vehicles. Additionally, vehicles owned by federal, state, and local governments, ambulances, buses, motor homes, farm tractors, unpowered trailer units, and any vehicle reported to have been disposed prior to January 1, 2021, are considered out of scope for the VIUS..Additionally, estimates on this table are restricted to in-scope vehicles identified to have been used at some point in 2021 for commercial activities..Estimates may not be additive due to rounding..The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-7527235, Disclosure Review Board (DRB) approval number: CBDRB-FY23-032)...Data Items and Other Identifying Records:.Primary characteristics that appear in this table:..Kind of business.Primary commercial activity...Estimates on this table:.Number of vehicles (thousands).Vehicle miles (millions).Average miles per vehicle (thousands).Coefficients of variation for all of the above estimates (percentages)...Data Item Notes:..Trailer Configuration.Estimates of 'Single Trailer Pulled', 'Double Trailer Pulled', 'Triple Trailer Pulled', and 'Trailer Pulled' exclude vehicles that pulled a trailer for less than half of all miles driven. Estimates of 'No Trailer Pulled or Vehicle Not Used' include vehicles that pulled a trailer for less than half of all miles driven....Geography Coverage:.On this table, geography refers to the address on a given vehicle's registration..Data are shown for the United States, 49 states (every state except New Hampshire), and the District of Columbia..Note that estimates at the 'United States' level also do not include vehicles with registration addresses in New Hampshire because the state did not consent to sharing registrant data for this survey. See https://www.census.gov/programs-surveys/vius/data.html for model-based estimates at the United States level that do include New Hampshire...Industry Coverage:.Not applicable...FTP Download:.Download the entire table at: https://www2.census.gov/programs-surveys/vius/data/2021/VIUS211E.zip..API Information:.Vehicle Inventory and Use Survey data are housed in the Census Bureau API. For more information, see https://api.census.gov/data/2021/viuse.html..Methodology:.Estimates are based on a sample of in-scope vehicles and are subject to both sampling and nonsampling error. Estimated measures of sampling variability are provided in the tables. For information on sampling or nonsampling error or and other design and methodological details, see Vehicle Inventory and Use Survey (VIUS): Technical Documentation: Vehicle Inventory and Use Survey Methodology...Symbols:.S - Estimate does not meet publication standards because of high sampling variability, poor response quality, or other concerns about the estimate quality. Unpublished estimates derived from this table by subtraction are subject to these same limitations and should not be attributed to the U.S. Census Bureau. For a description of publication standards and the total quantity response rate, see Vehicle Inventory and Use Survey (VIUS): Technical Documentation: Vehicle Inventory and Use Survey Methodology..Z - Round to Zero..X - Not Applicable..For a complete list of all economic programs symbols, see the Economic Census: Technical Documentation: Data Dictionary. ..Source:.Suggested Citation: U.S. Department of Transportation, Bureau of Transportation Statistics; and, U.S. Department of Commerce, U.S. Census Bureau. (9/28/23). Commercial Activity by Registration State, Vehicle Type, and Trailer Configuration: 2021 [VIUSE2021]. 2021 Vehicle Inventory and Use Survey. U.S. Department of Transportation, Bureau of Transportation Statistics; U.S. Department of Commerce, U.S. Census Bureau; U.S. Department of Transportation, Federal Highway Administration; U.S. Department of Energy. Accessed [enter date you accessed/downloaded this table here] from [enter URL of the table page here]...For information about VIUS, see Vehicle Inventory and Use Survey: (VIUS)..Contact Information:.U.S. Census Bureau.Vehicle Inventory and Use Survey.Tel. (301) 763-6901.Email: erd.vius@census.gov
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Release Date: 2023-09-28.Release Schedule:.The data in this file was released in September 2023...Key Table Information:.The estimates presented are based on data from the 2021 Vehicle Inventory and Use Survey (VIUS)..These estimates only cover vehicles registered during 2021 in one of the fifty United States (except New Hampshire) or the District of Columbia that are classified by vehicle manufacturers as trucks, minivans, vans, or sports utility vehicles. Additionally, vehicles owned by federal, state, and local governments, ambulances, buses, motor homes, farm tractors, unpowered trailer units, and any vehicle reported to have been disposed prior to January 1, 2021, are considered out of scope for the VIUS..Additionally, estimates on this table are restricted to in-scope vehicles other than pickups, minivans, sport utility vehicles, or light vans..Estimates may not be additive due to rounding..The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-7527235, Disclosure Review Board (DRB) approval number: CBDRB-FY23-032)...Data Items and Other Identifying Records:.Primary characteristics that appear in this table:..Lease status.Number of gears.Braking system.Number of liftable axles.Plan to replace vehicle...Secondary characteristics that appear in this table:..Lease characteristics (under lease status).Lease length (under lease status).Lease provisions (under lease status).Location of liftable axles (under number of liftable axles).Number of braking axles (under number of liftable axles)...Estimates on this table:..Number of vehicles (thousands).Vehicle miles (millions).Average miles per vehicle (thousands).Coefficients of variation for all of the above estimates (percentages)...Data Item Notes:..Lease Provisions.Detail lines do not add to total because multiple responses were possible..Plan to Replace Vehicle.Within 5 years with a vehicle of a different weight class or axle load....Geography Coverage:.On this table, geography refers to the address on a given vehicle's registration..Data are shown for the United States, 49 states (every state except New Hampshire), and the District of Columbia..Note that estimates at the 'United States' level also do not include vehicles with registration addresses in New Hampshire because the state did not consent to sharing registrant data for this survey. See https://www.census.gov/programs-surveys/vius/data.html for model-based estimates at the United States level that do include New Hampshire...Industry Coverage:.Not applicable...FTP Download:.Download the entire table at: https://www2.census.gov/programs-surveys/vius/data/2021/VIUS213B.zip..API Information:.Vehicle Inventory and Use Survey data are housed in the Census Bureau API. For more information, see https://api.census.gov/data/2021/viusb.html..Methodology:.Estimates are based on a sample of in-scope vehicles and are subject to both sampling and nonsampling error. Estimated measures of sampling variability are provided in the tables. For information on sampling or nonsampling error and other design and methodological details, see Vehicle Inventory and Use Survey (VIUS): Technical Documentation: Vehicle Inventory and Use Survey Methodology...Symbols:.S - Estimate does not meet publication standards because of high sampling variability, poor response quality, or other concerns about the estimate quality. Unpublished estimates derived from this table by subtraction are subject to these same limitations and should not be attributed to the U.S. Census Bureau. For a description of publication standards and the total quantity response rate, see Vehicle Inventory and Use Survey (VIUS): Technical Documentation: Vehicle Inventory and Use Survey Methodology..Z - Rounds to Zero..X - Not Applicable..For a complete list of all economic programs symbols, see Economic Census: Technical Documentation: Data Dictionary...Source:.Suggested Citation: U.S. Department of Transportation, Bureau of Transportation Statistics; and, U.S. Department of Commerce, U.S. Census Bureau. (9/28/23). All Vehicles Except Pickups, SUVs, Light Vans, by Registration State and Vehicle Size: 2021 [VIUSB2021]. 2021 Vehicle Inventory and Use Survey. U.S. Department of Transportation, Bureau of Transportation Statistics; U.S. Department of Commerce, U.S. Census Bureau; U.S. Department of Transportation, Federal Highway Administration; U.S. Department of Energy. Accessed [enter date you accessed/downloaded this table here] from [enter URL of the table page here]...For information about VIUS, see Vehicle Inventory and Use Survey (VIUS)...Contact Information:.U.S. Census Bureau.Vehicle Inventory and Use Survey.Tel. (301) 763-6901.Email: erd.vius@census.gov
In the second quarter of 2024, there were around 291.1 million vehicles operating on roads throughout the United States. Almost 38.9 million used vehicles changed owners in the U.S. between the second quarter of 2023 and the second quarter of 2024, while new registrations of vehicles came to about 15.5 million units during that period. Automotive market disparities The number of licensed drivers had been steadily increasing up to just under 235,100 in 2022, but the automotive market has been impacted by economic developments over the past few years. The U.S. vehicle fleet is aging, reflected by the slow increase of the average vehicle age from 11.7 years in 2018 to over 12 years in 2023. This is in part due to market disparities. The average selling price of new vehicles has been increasing to over 47,000 U.S. dollars in 2023, up from under 35,000 in 2016. Used car prices have also been rising amidst the chip shortages linked to the COVID-19 pandemic, reaching around 29,300 U.S. dollars in 2023. The majority of U.S. car owners earned more than 40,000 U.S. dollars per years, with the 50,000 to 75,000 income group owning over 33 percent of the vehicles in use. The boom of the used vehicle market Close to three-quarter of new car buyers were born between 1946 and 1981, with Gen X being the leading consumers by age group for both the new and used vehicle market. Used light vehicle sales have been steadily increasing since 2010, representing well over double the size of the new light vehicle market in 2023. With a product range priced below new vehicle prices, used vehicles are gaining momentum in the United States. The average American household spends some 5,500 U.S. dollars on vehicle purchases annually, with consumers in income groups earning above 100,000 U.S. dollars per year spending above 7,200 dollars annually on car buying. Used vehicle financing options are naturally more affordable than new vehicle financing options, with an average monthly payment over 726 dollars for loan payments for new vehicles.