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U.S. markets recover from steep losses
DETROIT, Feb. 14 (UPI) -- U.S. residents are keeping their vehicles longer than they used to, R. L. Polk & Co. said Tuesday.
Only 4.3 percent of total passenger cars and trucks were scrapped in 2005, a historic low, the consultancy said.
"Despite a record number of new heavy and light truck registrations in
2005, scrappage rates still decreased," said Mike Gingell, vice president of
Polk's Aftermarket team.
"This implies that vehicles are lasting longer and, based on the light truck to car ratio for new vehicles, the data shows that light trucks are continuing to make up a larger percentage of the vehicle population."
The median age of U.S. vehicles also increased across all major vehicle categories. Median car age was nine years in 2005, which continues a four-year record setting trend. For all trucks, the median age increased to 6.8 years in 2005. Light truck median age in 2005 increased to 6.6 years.
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