Repelled by high car prices, Americans are holding on to their vehicles longer

It's true that increased reliability which began in the 90's makes this possible, but the other aspect of this is the "features" which began to be introduced around in the middle of the past decade and those which began to be removed. Auto-engine off was added. Fewer naturally aspirated v6's, more small, underpowered turbo engines which are prone to issues around 90,000 miles. To a certain view, the value proposition of a vehicle peaked around a manufacturing date somewhere near 2012.

My family bought both our current vehicles (Toyota) with >100k miles and they are now around 250k. Average cost (including depreciation!) is <$2k per year, so a little more than $150 per month, each.

Running cars longer is likely to slow down the transition to electric, unfortunately. I really want an EV, but I have never bought a new car and don't ever plan to, so I'm going to be waiting a long time for the market to deliver reasonably priced used EVs. Battery lifetime is also a question.

This is a complete mis-read on the situation. Yes, prices are higher and fewer people can afford them. But that has little to do with the growing average age of vehicles.

Cars last longer than they used to. They are better made. People don't send a car to the scrapyard if it still works. They keep it (can't afford a replacement) or sell it (can afford a replacement). Both scenarios have the exact same effect on the measurement of the average age of vehicles on the road.

I hope so. Modern cars are incredibly durable. The era of trade ins every 3-5 years needs to die — what a waste.

Part of the reason is all the new "smart" features. I've got an early 2000s Camry and I love the dang car. If Toyota would re-release a "Camry SE" sort of classic 90s car version, I would line up for that.

Personally, I'm not repelled by new car prices as much as I'm repelled by the new cars themselves.

One of the reasons is that cars have not only gotten more expensive, but the cost of debt has skyrocketed. Look at the interest rate of a car loan a year or two ago compared to now.

Repelled by car dealers selling at 20+% markup on the msrp that already includes a profit margin.

Add to that they’re now using “market value adjustment” “fees” to avoid paying fair vehicle sale taxes.