3 out of 5 new car buyers are over 50 years old

JD power survey on new cars

Up to now, the automotive industry has tried it’s best to entice young buyers into the new car market by putting out economical cars and affordable luxury cars. Yet, large sedans and gas drinking luxury cars are still making their way out into the market and doing well at it too!

A recent survey by JD power found that out of 41,000 new car buyers, 62 percent of all new cars and trucks were delivered to buyers over the age of 50. 73 percent of all new hybrids are also picked up by those over the age of 50.

On the other end of the scale buyers aged 35 and younger account for just 12.7 percent of all new vehicle purchases.

This makes sense when you think that our population isn’t getting any younger as the baby boomers reach retirement age.

People over 50 also have the ability to spend more especially during recessions, whereas the younger generation are struggling to fulfil even basic needs.

Not to worry, surely this survey tells us that the younger generation is just doing their bit to support the used car market (wink!).

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6 Comments

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6 responses to “3 out of 5 new car buyers are over 50 years old

  1. Do our priorities change when we’re over 50? I guess many of today’s over 50’s have grown-up children… so the cost of bringing up a family is out of the way. And it’s a well-known fact that today’s 50+ are probably the wealthiest there’s ever been…. or is likely to be… with bumper salary-based pensions. So is it any wonder that this is the group that’s keeping the new car market moving? I’ll be surprised if the picture is the same in 20 years’ time….

  2. That’s way we work all our life so at least we can buy a new one when we are over 50

  3. The other thing about buying a new car… is that it usually leads to buying a private number plate as an accessory. But it’s not just restricted to people over 50… far from it. Nor is it restricted to buying a brand new car – even a used car triggers the desire for a personalised registration.

  4. Well I am over 50 and still haven’t managed to buy a new car yet. Why waste all that money in depreciation when you can get a good second hand car? In fact if a car costs you more than £500 a year you are really throwing your money down the drain. In fact you can buy a car for £500 and if it runs for over a year you are really quids in!

    • who really wants to drive a car that cost £500 i know people that do and i have in the past but i didnt really enjoy it and would not go any distants in one.

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  5. It is a true fact that younger people not spending because the recent recession. Because they are still not well settled or probably they don’t have rich papa. so they are buying the used cars for their need.

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