JOPLIN, MO – At one time, people used to trade in a vehicle once it reached, or surpassed, 100,000 miles. But that’s not the case anymore.
According to a global research company, the average age of vehicles on the road in the U.S. is just over 12 years old, the oldest on record.
One of the main reasons has to do with a shortage of new cars.
Jim Adams, with “Frank Fletcher Toyota” in Joplin, says he normally has as many as 350 new vehicles on his lot. This morning, he had 9.
“We’re getting 110, 120 cars in a month, but most of them are pre sold, so if a truck comes in and it’s got a dozen cars on it, one comes to the lot and the rest of them goes to the customer’s house, uh it’s hard to build inventory that way.” Says Jim Adams, General Manager, Frank Fletcher Toyota.
Experts say the pandemic has played a factor in the lack of new vehicles, and that there’s still a shortage of computer chips that go into them.
Adams says it could take a year and a half for new car manufacturing to return to normal.
Also, if you bought a new car a few years ago, it may be worth more, now, as a trade-in now.