According to an IHS Automotive study, the average age of vehicles on the road is 11.5 years old. That number is a record high for vehicles in the United States.
However, purchases of new and newer cars are still rising in the U.S. in 2014, shown by a 42% increase in new vehicle registration over the amount of cars removed from the fleet (i.e., scrapped vehicles). This means that some people are keeping their previous vehicles, while others are trading them in for a new or newer vehicle.
The most recent recorded number of vehicles on the road that are at least 25 years old is 14 million. That's an increase of 8 million from 2002. And the oldest recorded vehicles are from 1990 or earlier. The number of vehicles that are on the road that are 16 to 24 years old stands at 44 million - an increase of 18 million since 2002.
An Increase in Quality
You can't ignore the evidence that cars are being built better and lasting longer. Due to advances in technology and improvements in quality, it's becoming easier for buyers to purchase a high-quality new or used car. Although, it should be pointed out that it's always a good idea to thoroughly inspect any used vehicle you are considering purchasing.
A good example of the rise in vehicle quality is shown in the 2015 J.D. Power Initial Quality Study (IQS), which examines problems experienced by vehicle owners during the first 90 days of ownership. Last year, the non-premium car brand Kia ranked second just behind Porsche in initial quality.
All of this is great news for car buyers with bad credit, because it means that the chances of finding quality, affordable transportation are a lot higher.
Need a Car? We Can Help
If your current vehicle has run its course, or if you're simply looking for a newer vehicle but are being held back by damaged credit, Auto Credit Express can help. We have a nationwide network of car dealers that are equipped to help car buyers with damaged credit get approved for the loan they need. By completing the simple, secure and obligation-free online application, we can connect you to the dealer nearest you. Start today, and get back on the road tomorrow.
And if you would like to learn about warranty protection for your older vehicle, click here for information about the best extended service plans.