https://www.fhwa.dot.gov/ohim/onh00/line3.htm
https://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/pu...
There are short-term blips in this data when new vehicle sales surge (or vice-versa), but the average age of vehicles hit a record high of almost 12 years last year, and the long-term trend is clear: our vehicles last much longer than they do in the past. There has also been a population surge in vehicles over 15 years of age, which has been a significant positive secular trend for numerous parts manufacturers and repair shops in the industry, and the increased complexity of the vehicle fleet (more parts that repair shops need quick access to), which has pushed numerous players in the automotive supply chain to invest more in their distribution infrastructure. Cars have become more complex, but the parts in the vehicles also fail much less frequently than they did in the past (though many now integrate more parts and cost more than they have in the past).
I did a bunch of research on the automotive sector for my last job, and it's striking how laymen's views are completely contrary to what is going on in the industry. I don't know much about the other appliance markets, but I wonder if there is a similar misperception issue in the other markets.
As for the short life-cycles in new technology like smartphones, is that really so terrible? My current smartphone is much better than the last one I bought in 2014, and miles better than the first smartphones that were in released in 2009-10. The short life-cycle reflects how quickly the products improved and evolved. That said, the improvement rate has slowed down, so hopefully, people will hold onto their smartphones longer instead of updating just for fashion reasons.
