Americans are driving their cars for longer

The Street
The Street
  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Americans are holding on to their cars for longer than ever.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Investors look ahead to a holiday-shortened week,
00:07hoping for good news on the inflation front.
00:09Wall Street will gain fresh insight
00:11from personal income and spending data,
00:13which are the Federal Reserve's preferred measure of inflation,
00:16as well as the Fed's summary of economic conditions.
00:20Wall Street will also digest quarterly reports
00:22from Gap, Foot Locker, and Dollar General.
00:26In other news, drivers aren't in a rush
00:29to trade in their car keys for a newer model,
00:32according to a new study by S&P Global Mobility.
00:35The average age of a car on the road
00:37is now at a record 12.6 years.
00:41That's two months longer than in 2023.
00:44Higher loan costs and rising insurance premiums
00:47are the main reasons drivers are choosing
00:49to stick with the vehicles they have.
00:51There's also fewer new models at the dealership
00:53due to lingering yet easing supply constraints
00:56caused by the pandemic.
00:57The report predicts within the next five years,
01:01passenger vehicles that are six to 14 years or older
01:04will make up 70% of all cars, SUVs,
01:07and small trucks on the road.
01:10And if it feels like those older cars
01:12are crowding the roadway this holiday weekend,
01:14you may not be wrong.
01:15AAA expects a record 38.4 million drivers
01:19to hit the highways over this three-day weekend.
01:23And that'll do it for your daily briefing
01:24from the New York Stock Exchange.
01:25I'm Conway Gittins with The Street.

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