The real reasons most Americans are not buying new cars yet...

The US is the world's second-largest auto market, trailing only China

But vehicle sales face a very real threat from high purchase prices and high loan interest rates

Escalating cost of cars started during the pandemic and while it has stabilised somewhat, many are holding on to their existing vehicles

AP reports average new vehicle has rocketed 24% since the pandemic first hit three years ago

Typical loan rates on new-car purchases have ballooned to 7%

These factors are also at play in the used-car segment. Prices on average are up 40% since 2020

As a result, the average vehicle age, which has been edging up since 2019, accelerated this year by a substantial three months

While this is great for mechanics, auto companies are looking at ways to make their offerings more compelling