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!).