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U.S. sales have risen gradually from a 30-year low of 10.4 million in 2009 because of low interest rates, appealing new models and pent-up demand as people replace aging vehicles they kept through the recession. The sales rebound prompted Polk to raise its estimate of the total number of vehicles on U.S. roads by 5 percent to more than 260 million in five years. But Seng said many people intend to keep running their older cars into the future, adding that he can't remember another time that the average age has grown as quickly. The growth rate in the average age will slow in the coming years, but won't start falling until new-car sales rise and stay high for several years. Older vehicles would have to be scrapped at a higher rate, as well, he said. "With the quality of the vehicles, that's not going to happen," Seng said. More people also are financing cars for 72 months, meaning they'll keep their cars for at least six years and probably longer, Seng said.
[Associated
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