Older Car Buyers More Important to Industry, Study Says
The University of Michigan's Transportation Research Institute found middle-aged car buyers were 15 times more likely to buy new vehicles than 18-to-24-year-olds.
DETROIT — Middle-aged cars buyers (ages 55 to 64) were 15 times more likely to buy new vehicles than 18-to-24-year-olds in 2011, according to data from the University of Michigan's Transportation Research Institute. A separate study released in 2012 found that the percentage of 19-year-olds with driver’s licenses has fallen below 70 percent, reports USA Today.
The results indicate that the auto industry must connect with older buyers to succeed. In fact, consumers in the 55-to-64 segment bought 23 percent of U.S. vehicles in 2011, up from 18 percent in 2007.
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