The combined average age of all light vehicles on the road in the US remained steady at 11.4 years, based on a snapshot of vehicles in operation taken Jan. 1 of this year, according to IHS Automotive (NYSE: IHS), which incorporated Polk into its business last year.
Total light vehicles in operation in the US also reached a record level of more than 252,700,000, an increase of more than 3.7 million (1.5 percent) since last year, said the IHS Automotive analysis from July 2013. In addition, new vehicle registrations outpaced scrappage by more than 24 percent for the first time in a decade, according to the analysis.
The average age is in line with the trend shift first seen in 2013, in which the combined fleet of cars and light trucks on the road is older than ever. New analysis, however, indicates the average age of light trucks has increased in the past year to the same age as passenger cars, both at 11.4 years. This milestone marks the first time this has happened since 1995, when the data was first reported.
Headquartered in Englewood, Colorado, USA, IHS is the leading source of information, insight and analytics in critical areas that shape business landscape. It has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005.