Alright, buckle up! We’re diving into the world where gas prices and vehicle miles traveled (VMT) aren’t just numbers—they’re the crystal balls for predicting the future of the automotive aftermarket.
Let’s start with gas prices, everyone’s favorite pain point. Whether they’re creeping up or crashing down, these prices aren’t just affecting your wallet—they’re influencing the whole aftermarket. When gas prices soar, people start driving less, which means fewer oil changes, alignments, and routine maintenance for a while. But here’s the kicker: those same folks end up holding onto their cars longer, skipping out on buying new ones. And you know what that means? More repairs and maintenance down the road as those older vehicles stay on the road past their prime.
Next up, VMT. Tracking how much people drive is like reading the tea leaves for our industry. If VMT is up, it’s time to prep for more wear-and-tear repairs. But don’t be fooled by a steady increase; factors like remote work, urban living, and even economic inflation can throw a wrench (pun intended) in those predictions.
So, is there a magic connection between gas prices and how much we drive? Not really. While high gas prices might make some people cut back on miles, the need to commute, run errands, and just live life means the connection isn’t as strong as you’d think. To stay ahead, smart aftermarket pros need to look at the bigger picture—economic trends, consumer habits, and more. It’s all about staying agile and ready to adapt, ensuring we keep those older rides running smoothly no matter what the future holds.