Guess who’s buying new cars?

[Joe Marconi]

According to a recent Wall Street Journal report, more baby boomers are buying new cars that were designed for consumers in their 20s and 30s. Cars brands like the Toyota Scion, Fiat, Chevy Sonic and Kia Soul were all cars originally targeted for the younger generation, but have attracted consumers over age 55.

 

Last year, car buyers over the age of 55 accounted for more than 40% of all new car sales. Buyers between the ages of 18 and 34 represented only 12% of new car purchases.

 

For the younger generation, it’s a matter of economics and priorities. They only have a certain amount on discretionary income, and buying a new car is not at the top of the list. And, unlike the baby boom generation, there isn’t the emotional connection with cars as with prior generations.

 

The Y generation, those 18 to early 30s, will become the largest demographics for marketers in the coming years. Car makers will have to change future marketing strategies in order to attract the next generation. In the meantime, the older generation will continue their love affair with cars, at the delight of the car makers.