Older Drivers More Likely to Buy New Vehicles
Aug. 7, 2013—In 2011, drivers between 55–64 years of age were most likely to buy a new vehicle according to research conducted by Michael Sivak at the University of Michigan Transportation Research Institute.
Although in 2007, the age group of 35–45 was most likely to buy a new car, the statistics flipped in 2011 showing one vehicle was purchased for every 14.6 drivers aged 55¬–64.
"There were substantial increases from 2007 to 2011 in the number of drivers 55 to 64 years of age and 65 to 74 years of age," said Sivak. "This trend likely reflects the aging of the general population, coupled with the increased probability of older persons having a driver's license."
The largest number of vehicles are currently purchased by those 45–54 (26 percent of new buyers in 2011), followed by those 55–64 (23 percent).
"The findings suggest that marketing efforts that focus on drivers 55 to 64 years old should have the highest probability of success per driver," Sivak said.