Latest data suggest younger buyers entering car market
Who buys new cars? In recent years it certainly hasnt been the youngest consumers or even the 20 to 30 year olds, but according to CNW Research, the median age of new-car buyers in February was down to 46 years old with an average buyer income in excess of $63,000. Both figures are lower than any time in the past two years, which is a solid sign younger consumers are coming back to the market, CNW says.
CNW also notes that the ratio between transaction price and income has been falling, which it says translates into a greater willingness among lower-income consumers to take on the debt of a new vehicle loan.
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