New car buyers are older

New car buyers are older

Confirming what franchise dealers already know, JD Power and Associates this week released its latest survey of new vehicle buyers and found that fully sixty two percent of all new cars and trucks sold this year were bought by people fifty years old or older.

Just nine years ago, that percentage was just thirty nine. On the other side of the spectrum, those 35 and younger accounted for just 12.7 percent of all new vehicles purchased, down from 24.4 percent in 2001. The survey also found that 5- and-over buyers bought 73 percent of all hybrid vehicles.

JD Power says there are two major reasons the 50-and-up club accounts for such a high total of vehicle sales. The first is that baby boomers, the largest demographic in America, are growing old. Secondly, and more important, people over 50 have the “ability to spend on higher-ticket items during harsh economic times.