Last quarter, the price of a new car hit a record $47.5K, according to Edmunds — nearly double the cost of the average used car. With such a wide gap, it’s no wonder Americans are keeping their cars longer — a trend that’s costing automakers. But ironically, many aren’t maintaining their vehicles as if they plan to keep them running.

Ride it ‘til the wheels fall off: Thanks to better vehicle build quality, there are now 290M+ vehicles in US driveways and parking lots, with many surpassing the 100K mile mark and surviving upwards of a decade on the roads. This should be a booster for auto shops and car dealers offering regular service on vehicles, but as WSJ’s Spencer Jakab reports, high costs are leading Americans to defer regular maintenance — with data from third parties showing many are behind on tire rotations and oil changes.

• Citing weak demand, auto store Advance Auto Parts ($AAP) plans to close 700+ stores — while NAPA parent Genuine PartsGPC
  reported disappointing earnings.
• Other auto companies are citing a more cautious consumer, too, including tire maker GoodyearGT
  , tire servicer MonroMNRO
  , and oil change chain ValvolineVVV
  .

All Aboard the Struggle Bus

Collectively, the mentioned companies have booked tepid year-to-date performances — with the best performer up just 10% and the worst down 28%. There have been victories in the industry — like auto shops AutoZoneAZO

and O’ReillyORLY

, up 29% and 33% YTD, respectively, but even they lag behind the S&P 500’s 28% rally, leaving the whole industry looking rusty.

• Auto shops and servicers are also contending with 174K independent establishments nationwide, a new record.
• When not competing with one another, many are competing with more complex models, EVs, and hybrids — which are harder to repair or procure parts for, thanks to new technology.

No-wheel drive: This year, the auto industry has been presented with more questions than answers — stirring angst among investors. In recent weeks, the sector has been shaken by the departure of StellantisSTLA

CEO Carlos Tavares and worries at NissanNSANY

. It looks like tax credits, subsidies to build more highway lanes, and higher car values aren’t enough to move auto buyers. Neither trend is promising for the broader industry, especially as it faces more state-backed competition from China.