I used to suppose that owning a 10-year-old vehicle was a beautiful monetary accomplishment. It signaled frugality, self-discipline, and appreciation for what you’ve gotten.
Nevertheless, the newest common age of U.S. autos from an S&P 500 Global Mobility report exhibits Individuals are holding their autos for much longer than ten years or shopping for older autos on common.
As of 2023, the common age of U.S. vehicles is 13.6 years and the common age of U.S. mild vans is 11.8 years. The general complete common of U.S. autos is a powerful 12.4 years!
The Need To Drive A Car Longer Than The Common
Right here at Monetary Samurai, if we need to build more wealth than the average person, we should be extra fiscally accountable than the common particular person.
As an alternative of saving solely ~5% of our earnings like the common American, we save at the very least 20% of our earnings. As an alternative of solely counting on one job, we earn extra cash by side hustles, and so forth.