Car ownership statistics 2024

Car ownership statistics

The nature of car ownership continues to shift as factors like inventory, demand, interest rates, new vehicle types and more shake up the car market for consumers.

• There were 283,400,986 registered motor vehicles recorded in the U.S. in 2022, including 278,870,463 private and commercial vehicles.
• In 2022, sales of new light vehicles dropped to 13.9 million units, down from 14.6 million units in 2021.
• Sales rebounded in 2023, with 15.5 million light vehicles sold in the U.S., including 3.12 million passenger cars and 12.4 million light trucks.

What percentage of individuals own cars?

A survey conducted in March 2024 found that for individuals between ages 18 and 64, a majority of people in the U.S. own or have access to a car. As many as 74% of people report having a car that they own, but respondents also shared information about their access to other vehicles. Among nonowners, some have access to a company car, family member’s car or vehicle subscription. Another 4% of respondents said they leased a car. All in all, based on the survey responses, as many as 14% of people in the U.S. do not own a car in any form.

More people have access to cars in America than ever before, and car ownership is rising. In 2018, 8.7% of households did not have a vehicle. By 2022, only 8.3% were without one, marking a 4.6% decrease. That means that 91.7% of households have at least one vehicle, with some owning two or more.

How much does car ownership cost annually?

For the past 20 years, the average cost of car ownership has steadily increased, rising from $7,754 in 2003 to $12,182 in 2023. A major increase occurred in 2023 due to higher costs to finance a car. For example, the finance rate on a 60-month new auto loan at a commercial bank rose from 4.37% in 2014 to 8.20% in 2024.

The average price of a full-coverage car insurance policy in 2023 was $1,765. This figure is based on a policy designed for a driver under age 65 with more than six years of driving experience and no accidents who lives in either the suburbs or a city. The cost of car insurance also depends a lot on finding the right car insurance company. Auto insurance can be more or less expensive depending on the state in which you live. The most expensive state to get auto insurance in 2021 was New York, with an average expenditure around $1,510, while North Dakota was the least expensive, averaging $691.

Other costs associated with car ownership, such as fuel, maintenance and repair, may vary depending on a car’s model and the state in which you live.

What are the most popular car models to own?

In 2023, several trucks topped the list of bestselling car models. However, a popular SUV and electric vehicle also round out the top five most popular cars to own in the U.S. based on sales. Sometimes, assessing the best car brands according to consumers comes down to sales figures.

The Ford F-Series, the most popular vehicle to own in the U.S., includes the F-150, F-250, F-350 and other larger models. Part of its popularity stems from being a collection of several models, but it also has dual popularity among commercial and retail buyers. Not far behind the Ford F-Series is the Silverado line from Chevrolet, which includes the Silverado 1500, 2500 and 3500. The Ram Pickup line, while not as popular, still outranks many other vehicles as a popular car model.

Based on sales, the top-selling SUV in the U.S. is the Toyota RAV4, which includes both standard and hybrid variants. Rounding out the five bestsellers is the Tesla Model Y, which also makes it the bestselling electric model in the U.S. for 2023.

How long is the average length of car ownership?

A combination of factors are coming together to make Americans keep their vehicles for longer than before. The average age of U.S. cars and light trucks in 2023 rose to 12.5 years. This rise can be explained by supply constraints that made it difficult for dealerships to offer robust inventories to consumers in 2022. In addition, higher inflation, interest rates and demand in 2022 led to people having a more difficult time finding and financing a new car.

However, the trend of rising vehicle age is soon expected to end thanks to more availability and a renewed demand among consumers.

Licensed drivers by age and gender

The majority of licensed drivers in the U.S. are over the age of 25. Of the nearly 233 million drivers in the U.S. as of December 2022, only around 26 million were under 25 years old.

When it comes to this cohort of younger drivers, there are slightly more male drivers than female drivers. Drivers ages 19 and under who identify as male account for 3.7% of total drivers, whereas female drivers ages 19 and under account for 3.6%. Further, male drivers ages 20 to 24 account for 7.7% of total drivers, compared with 7.2% for female drivers within the same age group. At the other end of the spectrum, however, among the older driver population, the percentage of women outnumbers men. For example, female drivers ages 65 to 69 account for 7.5% of total drivers, compared to 7.2% for male drivers.

In 2021, the U.S. Department of Transportation recorded slightly more female drivers (around 2.35 million more) compared to male drivers.

References

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2. Parekh, N., & Campau, T. “Average Age of Light Vehicles in the US Hits Record High 12.5 years, according to S&P Global Mobility.” S&P Global Mobility. Evaluated July 3, 2024.Link Here
3. ”Light vehicle retail sales in the United States from 1976 to 2023.” Statista. Evaluated July 3, 2024.Link Here
4. “Car ownership in the U.S. as of March 2024.” Statista. Evaluated July 3, 2024.Link Here
5. “2022 American Community Survey: 1-Year Estimates Data Profiles.” U.S. Census Bureau. Evaluated July 3, 2024.Link Here
6. “Average Cost of Owning and Operating an Automobile.” Bureau of Transportation Statistics. Evaluated July 3, 2024.Link Here
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8. “Your Driving Costs 2023.” American Automobile Association. Evaluated July 3, 2024.Link Here
9. “2021 Auto Insurance Database Average Premium Supplement.” National Association of Insurance Commissioners. Evaluated July 3, 2024.Link Here
10. “The 25 Best-Selling Cars of 2023.” Kelley Blue Book. Evaluated July 3, 2024.Link Here
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12. “The New American Dream? More than 1/3 of Americans Consider Ditching Car Ownership by 2030.” Zipcar. Evaluated July 3, 2024.Link Here
13. “Distribution of new and used car buyers in the United States in 2021, by age group.” Statista. Evaluated July 3, 2024.Link Here
14. “Older Americans Now Buy Majority of New Cars.” Statista. Evaluated July 3, 2024.Link Here