The economy remains wobbly, unemployment is still high, and yet people are buying new cars at a pace that would suggest a sweeping wave of prosperity.
Even auto industry analysts concede that it's counterintuitive -- until you take a closer look at what's being traded in for new wheels.
The average age of vehicles traded in within the United States in January and February was about 6.2 years old, according to Edmunds.com. That's the oldest on record, with the notable exception of July and August of 2009, when the average trade-in age was off the charts because of the federal Cash for Clunkers program.
But now, no such rebate program exists. In fact, Edmunds said, automakers' incentives in February this year were the lowest since February 2003.
Auto sales figures for March showed the strongest pace since early 2008.
Analysts say the evidence is irrefutable: Consumers who were holding onto aging cars through the recession are finally returning to the new-car market.
"I think people are hitting the breaking point, where they're saying, 'OK, it's better to get a new car than put more money into the old one,'" said Jessica Caldwell, senior analyst for Edmunds.
David Rodgers, senior vice president and general manager of the Sullivan Automotive Group, which oversees Northern California dealerships, said that, more than car age, he's been struck by the high mileage he's seeing on trade-ins.
