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These are the most-awaited new cars in 2020 in India

<ul class="summary-list"><li>The average age of a US car is over 12 years old, IHS Markit found.</li><li>Soaring prices for <keyword id="891685" type="PERSON" weightage="60" keywordseo="new-cars">new cars</keyword> have increased the market for used vehicles.</li><li>Car owners looking to repair aging vehicles could face delays and auto-supply shortages.</li></ul>The average age of US <keyword id="20632" type="ORGANIZATION" weightage="60" keywordseo="Cars">cars</keyword> hit an all-time high last year.The average car in the US was about 12 years old in 2020, an increase of nearly 2 months over the previous year, as COVID-19 shutdowns kept many people at home and their cars off the road, according to <a href="https://news.ihsmarkit.com/prviewer/release_only/id/4759502">data from IHS Markit</a>. The average age of cars has been steadily increasing for about 15 years now due to higher prices for new cars and the increasing longevity of vehicles, IHS said. <a href="https://www.businessinsider.com/how-much-used-car-prices-jumped-may-strange-recovery-chart-2021-6"></a>The firm said the pandemic lengthened the average age of cars, as cars did not tack on as many miles last year and many drivers looked to save money, <a href="https://www.cnbc.com/2020/12/23/covid-19-crippled-us-auto-sales-in-2020-but-it-could-have-been-worse.html#:~:text=Coronavirus%20crippled%20U.S.%20auto%20sales,could%20have%20been%20far%20worse&amp;text=Sales%20of%20new%20vehicles%20in,sales%20since%20at%20least%201980.980.">forcing new car sales to slump at the onset of the pandemic.</a>"2020 was a radical departure from the norm and challenged assumptions about how vehicle owners use their vehicles and accumulate miles," Todd Campau, the associate director of aftermarket solutions at IHS, said in the press release. Campau told <a href="https://www.wsj.com/articles/average-u-s-vehicle-age-hits-record-12-years-11623680640?mod=hp_lead_pos10">The Wall Street Journal</a> the longevity of vehicles has helped push used-car sales higher in an already red-hot market. He said cars are now more likely to change hands multiple times and last for over 200,000 miles."For that second or third or fourth owner, there's still meat on the bone," he said.Last month, <a href="https://www.businessinsider.com/how-much-used-car-prices-jumped-may-strange-recovery-chart-2021-6">used-car prices hit a 68-year record</a>, as shortages of several key goods, including computer chips, slowed the production of new cars. The average price paid for a new car last month hit a record of over $38,000, according to research firm <a href="https://www.abccolumbia.com/2021/04/22/j-d-power-says-the-average-car-price-is-up-8-from-last-year/#:~:text=According%20to%20J.D.%20Power%20and,8%25%20from%20a%20year%20ago.">J.D. Power.</a>Surging prices for new cars have made <keyword id="71298" type="PERSON" weightage="60" keywordseo="used-cars">used cars</keyword> an increasingly valuable commodity. Many used-car sellers are profiting from sales, and even making money off <a href="https://www.businessinsider.com/used-cars-prices-broken-engines-frames-selling-profit-high-demand-2021-6">vehicles with broken engines and car frames.</a> Used-car prices show no signs of flagging, IHS said. Repair and maintenance shops are poised to benefit from the lengthening life span of cars, as more car owners look to salvage older vehicles, IHS pointed out. But, supply chain snags could make car repairs even more expensive. Last month, <a href="https://www.fox26houston.com/news/auto-part-microchip-shortage-slowing-car-production-and-repairs">Fox reported</a> that Texas customers were waiting anywhere from 15 to 30 days for new parts to come in from overseas as <a href="https://www.businessinsider.com/cargo-ships-waiting-to-dock-california-contributes-supply-chain-crisis-2021-4">several key ports face months of shipping backlogs.</a> Typically, drivers would turn to rental cars when waiting for vehicle repairs but <a href="https://www.businessinsider.com/rental-car-shortages-us-travel-demand-chip-shortage-2021-4">rental cars are in short supply this year.</a> In April, <a href="https://www.businessinsider.com/rental-car-shortages-us-travel-demand-chip-shortage-2021-4">Insider's Brittany Chang</a> reported that some rental cars in Hawaii are going for over $500 a day.Overall, the pandemic has made it an expensive time to be a car owner. Skyrocketing new and used-car prices have made it inadvisable for many to invest in a new vehicle, while supply chain snags could make it difficult for drivers to maintain aging ones. A <a href="https://www.businessinsider.com/gas-prices-skyrocketing-in-us-expected-increase-further-summer-2021-4">surge in gasoline prices</a> has also tacked on new expenses for drivers with long commutes.

Americans are keeping their cars longer than ever before, as used-car prices hit record highs

Here are 20 cars you can drive off the lot new for less than $20,000

<ul class="summary-list"><li>Used vehicle prices went up just 0.2% last month after three months of record increases.</li><li>The price is still up more than 40% over last year, US government data show.</li><li>Actual relief may be a long way off due to supply challenges in the new car market.</li></ul>The used vehicle market is finally showing <a href="https://www.businessinsider.com/inflation-used-car-prices-cpi-july-flatlined-transitory-price-growth-2021-8">signs of leveling off</a> after three consecutive months of record price increases, data from the US government's latest monthly <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> report show.The average price for <keyword id="71298" type="PERSON" weightage="60" keywordseo="used-cars">used cars</keyword> and trucks <a href="https://www.businessinsider.com/cpi-inflation-july-price-growth-index-economic-data-supply-shortages-2021-8">ticked up just 0.2% in July</a>, barely moving after June's 10.5% spike was responsible for a third of the overall rise in inflation.But even though the picture didn't get worse for car shoppers, it didn't get any better either - and it might not improve for a while yet.Read more: <a href="https://www.businessinsider.com/experts-say-chip-shortage-will-hit-ev-startups-next-2021-7">Hot EV startups like Rivian were already struggling to get cars to market - then the chip shortage hit. 4 top execs and industry experts tell us how they're tackling the crisis.</a>Depending on who you ask, average used vehicle prices are still up nearly 42% over last year (<a href="https://www.bls.gov/news.release/cpi.nr0.htm">according to the Feds</a>), or 23.6% (<a href="https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html">according to the Manheim Index</a>), which means that used Ford Escape SUV that might have gone for $17,000 will run now you between $21,000 and $25,000.That leaves a lot of room before prices return to familiar territory, and there are a few reasons that could take some time.For starters, one reason prices have softened is that fewer people bought used cars last month than normally do. Cox Automotive estimates sales were down about 15% in July from the same month last year.In other words, it's likely there was less competition between customers to drive prices up. When shoppers do return to dealers' lots at normal levels, it's not entirely clear where the inventory will come from since there's no such thing as a used-car factory.Normal used retail supply is typically around 44 days worth of inventory, meaning that dealers have enough cars in stock to sell for a month and a half. July ended with 39 days' supply.The problems in the new vehicle market continue to cause ripple effects, most notably from the lack of semiconductor chips needed to make modern cars go."This 'two steps forward, one step back' path toward increased semiconductor availability and light vehicle production is likely to limit the pace at which used vehicle prices decline," JPMorgan autos analyst Ryan Brinkman wrote in a research note.New vehicles meanwhile continued their price increases with another 1.7% bump last month for a year-over-year increase of 6.4%, according to the inflation report. Since all used vehicles begin their lives as new vehicles, those higher new prices are likely to get baked into their eventual cost.Another (related) reason for the constrained supply is that rental companies like Avis and Hertz are hanging onto cars longer instead of selling them into the used market.A decade ago, 30,000 miles on a rental car <a href="https://wolfstreet.com/2020/01/08/the-average-mileage-on-rental-cars-sold-to-the-used-car-market-has-doubled-since-2006-but-prices-have-surged-too-what-gives/">was considered high</a>. Last year, the mileage averaged around 50,000. Last month, that number hit 88,000, according to Manheim. Plus, those units sold for 6% more this year than last year."Even in six months, you're still going to be facing some type of slightly appreciated prices, just because there's so much demand that's going unfulfilled right now,"<a href="https://www.businessinsider.com/when-will-used-car-prices-drop-pandemic-shortage-edmunds-2021-7"> Ivan Drury</a>, senior manager of insights at Edmunds, said,New-car prices will have to come down before any real improvement will arrive in the used market, he said. Until then, buyers shouldn't hold their breath.

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These are the most-awaited new cars in 2020 in India

Americans are keeping their cars longer than ever before, as used-car prices hit record highs

Grace Kay

Here are 20 cars you can drive off the lot new for less than $20,000

Tim Levin

Used car prices are finally cooling off, but it still won't be easy to buy one

Dominick Reuter

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