June 01, 2023

Auto News

Americans are holding on to their vehicles longer than ever

The average age of a passenger vehicle on the road hit a record 12.5 years this year, according to data gathered by S&P Global Mobility.

Blame it mainly on the pandemic, which in 2020 triggered a global shortage of automotive computer chips, the vital component that runs everything from radios to gas pedals to transmissions. The shortage drastically slowed global assembly lines, making new vehicles scarce on dealer lots just when consumers were increasingly eager to buy.

Prices reached record highs. And though they've eased somewhat, the cost of a vehicle still feels punishingly expensive to many Americans, especially when coupled with now much-higher loan rates.

Since the pandemic struck three years ago, the average new vehicle has rocketed 24 percent to nearly $48,000 as of April, according to Edmunds.com. Typical loan rates on new-car purchases have ballooned to 7 percent, a consequence of the Federal Reserve's aggressive streak of interest rate hikes to fight inflation.

It's all pushed the national average monthly auto loan payment to $729 - prohibitively high for many. Experts say a family earning the median U.S. household income can no longer afford the average new car payment and still cover such necessities as housing, food and utilities.

Used vehicle prices, on average, have surged even more since the pandemic hit - up 40 percent, to nearly $29,000. With an average loan rate having reached 11 percent, the typical monthly used-vehicle payment is now $563.

Faced with deciding between making a jumbo payment and keeping their existing vehicles, more owners are choosing to stick with what they have, even if it means spending more on repairs and maintenance.


Have You Tried This Simple Way To Stay Cool All Summer?

The Cars No One Wanted to Buy

The 2004 Chevy SSR

The SSR in Chevy SSR stands for "Super Sport Roadster." Upon release, consumers realized this car was anything but a super, sporty roadster. Instead, it was a heavy and slow failure of a car with shiny retro design.

The Pontiac Aztek

As soon as the Pontiac Aztek was announced, it was universally hated by car lovers. Critics claimed the design of the car itself made no sense, especially its oddly-shaped front end. It didn't help that the body was made of plastic instead of something safer.

The Mustang II

The Mustang II suffered from several fatal flaws, including a generally underwhelming performance. Upon its release, critics called it the poor man's AMC Gremlin, a similar car which offered better performance.

The Lincoln Blackwood

Released in 2002, the crossover project between Lincoln and Ford was a strange attempt to create a luxury pick up truck. It was so strange that consumers rejected it entirely, and Lincoln and Ford pulled the plug in less than one year.

The Lamborghini LM002

Lamborghini's first mistake was thinking their consumer base wanted to take their car off roading. We don't think anyone buys a Lamborghini to go play in the mud. It became known as the Lamborghini truck.

The 1975 AMC Pacer

The 1975 AMC Pacer did not help reverse the poor fortunes of the American Motor Company. The Pacer was the king of the hill when it came to size and fuel economy, but critics were quick to point out the Pacer's poor performance and difficult handling.

The Maserati Biturbo

In the early '80s, Maserati was under new ownership who wanted to released a "more affordable" sports car under the brand name. The result was the Biturbo, a car which many blame for Maserati leaving the American market in 1991.

The Cadillac Cimarron

In 1982, Cadillac introduced the world to the Cimarron. The car was a disaster from the tart. GM wanted to move Cadillac into a smaller market, not nearly end the brand forever.

The Yugo GV

One Autotrader review of Yugo as a brand said, "it's generally agreed that the Yugo is one of the single worst cars ever sold in the United States." Manufactured by a Yugoslav company called Zastava Automobiles, the petite vehicles have long been the subject of ridicule in the US.

The 1968 AMC Ambassador

As the first American car to offer air conditioning as a standard, AMC's 1968 Ambassador was poised to be a huge hit. Unfortunately, the Ambassador was poorly engineered and one of its first models received a "Not Acceptable" rating from Consumer Reports. This complete failure crippled AMC's reputation and the company was eventually bought out by Chrysler in 1988.

Geared Up Gadgets

Drastically reduce blind spots with this wide angle mirror for your side view mirrors. This wide angle mirror allows for maximum visibility when driving by showing you what may be inside your blind spots, and then some.

Taking your eyes off the road for any amount of time can be life threatening, but now you don't have to, because this mirror sits conveniently and subtly in your side view mirror.

The strong adhesive backing won't fall off and will be sure to survive even the toughest of nature's conditions. It even comes as a two pack for both of the mirrors.

Make sure to buy a pair for you, your family, and friends to make the road a safer place today!


Thanks for reading,

The Editor

P.S. Did you miss an issue? You can read every issue from the Gophercentral library of newsletters on our exhaustive archives page. Thousands of issues, all of your favorite publications in chronological order. You can read AND comment. Just click GopherArchives