According to a new study, US consumers keep their vehicles for an average of… answered

According to a new study, US consumers keep their vehicles for an average of…

The options that are given for this Bing homepage quiz are listed below:

A 7.5 years
B 10 years
C 12.5 years

The correct answer is 12.5 years.

See The Reason for That answer below:

A recent study by S&P Global Mobility reveals that the average age of passenger cars and light trucks in the United States has reached a new record of 12.5 years. The study indicates that there are over 284 million vehicles being driven on American roads, with the average age increasing by three months compared to the previous year. This marks the sixth consecutive year of rising average vehicle age, which was expected given the circumstances.

The COVID-19 pandemic initially impacted new vehicle sales, and subsequent shortages of microprocessor chips for the automotive industry further contributed to the aging of the vehicle fleet. In addition, interest rates and inflation in the latter half of 2022 put additional pressure on the market, affecting both retail and fleet sales of new light vehicles. Sales dropped by 8% from 2021, reaching a record low of 13.9 million units in 2022, the lowest level in over a decade.

Currently, there are approximately 122 million vehicles in operation that are over 12 years old. However, there are signs of a small turnaround in the coming year, with an expected increase in vehicle sales to reach 14.5 million units. S&P Global Mobility predicts that although the average vehicle age will continue to be under pressure in 2023, the curve will begin to flatten, and new vehicle sales are expected to return to historical norms in 2024.

The data also highlights a significant shift in the types of vehicles being sold. Passenger cars such as sedans, coupes, wagons, and hatchbacks have seen a significant decrease in sales, while light trucks and sport utility vehicles (SUVs) dominate the market. In 2022, 78% of all new vehicles sold were light trucks or utility vehicles, and currently, 63% of all vehicles on American roads are trucks or utility vehicles. Projections indicate that by 2028, light trucks and utility vehicles will make up around 80% of the total vehicle fleet in the United States.

The increasing average age of vehicles is seen as an opportunity for the aftermarket industry and service centers. As the vehicle fleet ages, more repair and maintenance work is required to keep older vehicles running, and owners are likely to opt for upgrades instead of replacing their vehicles.

Below is a list of all Bing quizzes for today

  1. Prince Harry and Meghan Markle reportedly had a ‘near catastrophic’ incident in NYC with… answered
  2. Texas native Doyle Brunson died at age 89. He was best known as the ‘Godfather’ of… answered
  3. Which mountain did Nepali Sherpa guide Kami Rita just climb for a record 27th time? answered
  4. A Minnesota man was charged for allegedly stealing what famous piece of movie memorabilia? answered
  5. Which US state became the first to ban TikTok? answered
  6. Oscar Mayer has renamed their famous Wienermobile, and are now calling it the… answered
  7. St. George Island beach was named the best in the US by Dr. Beach. Where is it located? answered
  8. According to a new study, US consumers keep their vehicles for an average of… answered
  9. Bobi, a Portuguese dog believed to be the world’s oldest, just celebrated his birthday. How old is he now? answered
  10. Speaking of dogs, what can they now legally do in US restaurants? answered

Today’s Microsoft Bing quiz has 10-point rewards for the ten (10) questions of today if you select the correct answers for all the options. so make sure you use the information I provided here to your maximum benefit and pick only the right answers for today’s Bing quiz. Rewards can be used to purchase things from selected stores such as Amazon, Walmart, etc. when claimed as gift cards.

According to a new study, US consumers keep their vehicles for an average of… answered