Cars Are Getting More Expensive—Here’s How to Keep Yours on the Road Longer to Avoid Costly Payments

People wait to drive through the Holland Tunnel into New York during morning rush hour traffic in Jersey City, N.J., on March 8, 2023. Ted Shaffrey/AP Photo

DETROIT—With the average new-vehicle price in the United States at nearly $48,000 and the cost of a used automobile averaging almost $29,000, many people are getting repairs done and keeping their vehicles longer.

That’s boosted the average age of a vehicle on U.S. roads to a record 12.5 years this year, according to state registration data gathered by S&P Global Mobility.