Motorists in Asia Replace Their Cars Twice as Often Than Motorists in the U.S.
According to the recent IHS automotive study, the average age of a vehicle in the United States has gradually risen to 11.5 years, partially due to the increasing quality of vehicles and economic recession. This turns out not to be a benchmark for the rest of the world.
Carmudi.com, the easiest means to sell or buy your car online, analyzed hundreds of thousands of vehicle listings in the last quarter to determine the average age of vehicles in Carmudi regions. The results varied wildly. The average age of a vehicle listed in the Middle East is 5.1 years, 6.5 years in Asia, and a staggering 12.8 years in Africa.
With the decline of the economy in Africa, particularly in Nigeria, African motorists will continue to be reluctant when it comes to replacing their vehicles. in Nigeria, one of Africa’s leading economy, average vehicles stand at 10.6 years. The classifieds site reports that the average age of vehicles listed in Congo was 16.5 years.
When looking towards the Middle East where where gas is less expensive and GDP per capita is higher, motorists are replacing their vehicles incredibly often. Carmudi reports that the average age of vehicles listed in Saudi Arabia was 3.8 years and 5.2 years in the UAE.
When it comes to purchasing new cars, intent is strongest in Asia. Carmudi.com predicts that within the next two years, with the growing Asian economy, the average age of vehicles listed on the car classifieds site will increase to 6.7 years, slightly above the current 6.5 years. Bangladesh, one of the poorest countries in the Southeast Asia, topped the list for oldest cars on roads in Asia, with an average vehicle age of 7.8 years.
With today's cars being built with higher quality and to last longer, the average age of vehicles is likely to show gradual increase. Nevertheless, with older vehicles on the majority of roads, car maintenance and regular car checks will play a greater role than ever before.
“Based on findings from our research, the growing Asian economy and flourishing consumer loans sector heightened consumer confidence to purchase new cars. As the average middle class grows in the region, so does auto demand for both new and used cars. As a result, the average age of vehicles on the road grows slower", Subir Lohani, managing director of Carmudi Philippines.
This article originally appeared on SunStar.