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How to Tell if Flood Water Has Damaged Your Vehicle
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By Counterman
New research by the Specialty Equipment Market Association (SEMA) is shedding light on the latest trends and developments in vehicle lifecycles and providing new insights for those who provide parts for accessorizing and modifying the more than 289 million vehicles in the US.
Findings in the new
link hidden, please login to view include: Vehicles are staying on the road longer, a continuing trend. The average U.S. vehicle age is now at 12.6 years, its highest number in over a decade. Passenger cars are now an average of 14 years old (up from 13.6), while light trucks rose slightly to 11.9, from 11.8. Used-car market ticks downward but remains historically high. The average listing price of a used vehicle in the U.S. is $25,251, as of July 2024. Car values have fallen faster than that of light trucks, with the sharpest decrease in overall vehicle value found in EVs (-11%). Stabilization of new vehicle prices offset by continued climb of interest rates. The average new vehicle price sits at $48,644, down slightly from the year prior, and halting a dramatic climb that began in the beginning of 2021. However, interest rates for new and used vehicles continue to hound buyers, remaining significantly higher than those offered in 2021-2022, regardless of loan-term length. Automakers are producing fewer entry-level vehicles. While new vehicle inventory in 2024 has reached a three-and-a-half-year high, small cars and other entry-level vehicles (those priced below $20,000) make up just 0.7% of the market, compared with 7% five years ago. This lack of affordability has a profound impact on younger people, who are historically more price-sensitive than older drivers. Two decades of increasingly dependable vehicles. Since 2003, vehicles have exhibited fewer problems, highlighting a growing reliability that is a boon to consumers. However, recent years have yielded an increase in vehicle issues tied to new technology-based automotive features, including driving assistance and infotainment systems — a trend that could impact future dependability. The nation’s fleet of vehicles is growing. The past year saw the net addition of 3 million more vehicles to the roads, with crossovers (72.7 million) closing the gap with passenger cars (89.2 million) as the dominant segment of the entire fleet. However, compared to 10 years ago, vehicle registrations skew more heavily toward light trucks than cars. The specialty-equipment aftermarket continues to grow — and is expected to keep growing. Specialty equipment retail sales in 2023 surpassed $52.3 billion and are forecasted to grow to more than $57 billion by 2026. The research also reveals trends across four categories of vehicles (Classic, Aged, Core and Modern), highlighting age, popularity, usage and consumer spending habits. For accessorizing, pickups and muscle cars are the top choice for enthusiasts. Meanwhile, vehicles in the Aged category are driving spending for performance products, as a way to refresh their older vehicle. Aftermarket product spending for Modern and Core vehicles was primarily (59% and 54%) on accessory and appearance products, while 43% of spending on Classic vehicles was for performance products.
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By GreenGears Auto Limited
Are you looking for affordable and eco-friendly solutions for your car repairs? Look no further than Green Gears Auto Limited! We are a leading provider of high-quality used car parts, specializing in components for electric vehicles (EVs), hybrids, and other environmentally conscious vehicles.
Why Choose Green Gears Auto?
Extensive Inventory: We have a wide selection of OEM (Original Equipment Manufacturer) used parts, including hard-to-find components. Quality Assurance: All our parts are thoroughly inspected and come with a warranty for your peace of mind. Environmentally Friendly: By choosing used parts, you're helping to reduce waste and conserve resources. Affordable Prices: Save money on your car repairs without sacrificing quality. Expert Support: Our knowledgeable team is always ready to assist you in finding the right parts for your vehicle. Our Commitment to Sustainability:
At Green Gears Auto, we believe in a greener future for the automotive industry. We're committed to promoting sustainable practices by:
Reducing Waste: We extend the life cycle of automotive components, preventing them from ending up in landfills. Conserving Resources: Reusing parts reduces the need to manufacture new ones, saving energy and raw materials. Supporting Eco-Friendly Vehicles: We specialize in parts for EVs and hybrids, helping to accelerate the transition to a cleaner transportation system. Join Our Community:
We invite you to visit our website,
link hidden, please login to view, to explore our extensive inventory and learn more about our commitment to sustainability. You can also join our online forum to connect with other eco-conscious car enthusiasts and get expert advice on repairs and maintenance. Call to Action:
Browse our Inventory: Find the parts you need today and start saving money and the planet. Contact Us: Have a question? Our friendly team is here to help. Together, let's build a greener future for the automotive industry!
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