26 Days
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الاقتصادية
Automotive sector shifts as Americans retain cars longer
The United States is experiencing a phenomenon of increasing vehicle age on the roads, with the average now around 13 years. Drivers are holding onto their cars longer due to rising prices of new vehicles and a lack of confidence in the electric car market. This reflects a shift in the automotive industry’s economy, where the importance of maintenance services and spare parts is growing instead of new car sales. The high cost of new vehicles, which has reached approximately $50,000, makes maintenance a primary option for consumers. Dealers are facing challenges from independent repair shops, which are becoming increasingly popular, especially as their share of maintenance visits declines.
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