JD Power and Associates studied age as it corresponds to new vehicle purchases, and the results of a survey of 41,000 new vehicle buyers showed that 62 percent of all new cars and trucks sold were delivered to the AARP crowd. Alarmingly, this statistic has spiked up dramatically from 39 percent back in 2001. Our parents and grandparents are also picking up hybrids faster than their children, as 73 percent of all battery-assisted vehicle sales are picked up by those over 50. On the other side of the spectrum, those 35 and younger account for just 12.7 percent of all new vehicle purchases, down from 24.4 percent in 2001.
There are two major reasons the 50-and-up club accounts for such a high total of vehicle sales, lead by the fact that baby boomers, the largest demographic in America, are growing old. But AARP director Mark Bradbury adds that people over 50 have the "ability to spend on higher-ticket items during harsh economic times. Younger adults are moving back home to ease basic financial burdens, such as housing and food." It sure is hard to buy a new car when you're back living with Mom and Dad, but hey, maybe they'll let you borrow theirs.
[Source: Brand Week | Image: crazycupcakes, CC2.0]