Median age of U.S. cars increases to record high

[kostby]

Quote »R. L. Polk & Co. Reports Median Age of U.S. Cars Increases to Record HighSOUTHFIELD, Mich. (Jan. 17, 2005) – According to R. L. Polk & Co., for the fourth consecutive year the number of vehicles scrapped as a percentage of vehicles in use has declined. The percentage of total U.S. vehicles scrapped in 2004 was 5.3 percent, the lowest scrappage rate since 1993.For passenger cars in 2004, the scrappage rate was 4.8 percent, the lowest since 1948, when the rate stood at 4.1 percent. In 2004, trucks also displayed a decrease in the rate of scrappage to 6.0 percent, a notable slip from 7.7 percent in 2003. (TABLE A)The median age of passenger cars increased to 8.9 years, an all-time high. For trucks, the median age fell to 6.6 years, due mainly to a record 9.8 million new trucks registered in 2004, with 9.3 million of those being light trucks. (TABLE B)"Since vehicles are lasting longer, and new light truck registrations remain around nine million per year, we will see a noticeable change in the proportion of cars versus light trucks in the near future," said Marty Miller, product manager for Polk. Throughout 2004, passenger cars comprised 59 percent of the vehicles in operation and light trucks accounted for 41 percent. Polk projects that by 2009, the percentage of cars will decrease to 54 percent, while light trucks will increase to 46 percent of vehicles in use. Link to full article and tables --> http://www.polk.com/news/releases/2005_0118.asp