The Car Market CRASH is Having DEVASTATING IMPACTS

The Car Market CRASH is Having DEVASTATING IMPACTS

Did you know that people are holding onto their cars longer than ever? The average age of a passenger vehicle has reached a record-breaking 12.5 years, and some sedans, like Holdsworth's, are even older, at a mind-boggling 13.6 years. This has led to a real concern among consumers, with a staggering 64% expressing their reluctance to buy a car in 2023.

Here's another shocking fact: last year, the number of car purchases hit its lowest point in over a decade. Only 13.7 million transactions took place. And if that's not enough, the average auto loan amount has skyrocketed by a whopping 41%, reaching an unbelievable $24,000. It's no wonder that buying a car has become an increasingly heavy burden for many Americans.