It turns out reports of the demise of the internal combustion engine were premature. Despite policy mandates, subsidies, and proclamations by car manufacturers, it looks like a future in which every car is an electric vehicle is further off than previously predicted.

One big stumbling block in the EV revolution is the fact that consumers aren’t buying them. Concerns about the availability of charging stations (especially in rural areas) and cost are keeping many consumers on the sidelines. According to Goldman Sachs, several automakers have said that concerns about driving range and charging infrastructure are on the rise among car buyers. Another consumer concern is the low return on investment; used car demand (and therefore, price) for EVs has dropped over the past couple of years.

At the same time, traditional new car prices have risen 13% since 2021. Kelley Blue Book data shows that the average transaction price (ATP) for new cars was $48,401 in July of 2024.

All that is to say, many car owners are hanging on to their current vehicles. A typical car is expected to last 200,000 miles or more, so if you drive the average number of miles for an American, a car should last you about 14 years. That’s borne out by ownership data; the average age of vehicles on the road has increased to 12.5 years in 2024.

During this period of rising costs for almost every good and service, car owners are opting to invest in repair and maintenance rather than take on loan debt. That’s good news for owners of automotive repair shops. And good news for you if you’re a Midas franchise owner.

From muffler and exhaust system repair to brakes, tires, and oil changes, Midas has been a trusted name in auto repair for over 65 years. Consumers, especially women, will choose a familiar national brand over local repair shops because they know Midas owners are committed to customer care and service excellence standards set by the company. They also trust the Midas Golden Guarantee™ and other guarantees that protect the investment they’ve made in their most essential household assets.

Buyers choose Midas franchises for many reasons: they offer a proven model for success, a well-established brand, and national marketing that provides strong walk-in traffic. Auto repair shops appeal to many buyers because almost everyone has owned a vehicle at one point or another in their lives and because many of those owners have experienced bad service. Owning a repair facility gives them a chance to make a difference in the industry’s reputation while making a great living.

In addition we have a sequence of events lining up perfect for owners of Midas franchises.

• Slowing demand for electric vehicles
• Staggering cost of new vehicles
• Americans keeping cars longer

If you’re thinking about selling your Midas franchise, your timing is excellent. Buyers want to talk to you.

If you are curious what your business may be worth, click here to get a free opinion of value.