The New Math of Driving Your Car Till the Wheels Fall Off.

As the costs of car ownership increase, drivers are reconsidering how long to keep their vehicles. The average transaction price for a new car has risen to $46,660, compared to $39,950 three years ago. Repair and maintenance costs have also increased, leading many owners to extend the lifespan of their current cars. The average age of vehicles in the US reached a record 12.5 years in 2023. Rising vehicle prices, longer loans, and the expense of repairing new technology are all factors contributing to this trend. [Extracted from the article]