Older generation emerging as leader in auto sales
Posted on Tuesday, August 6, 2013 at 1:40:52 PM
At one point in time, it was the younger generations that were buying cars at a furious pace. Now, the tides have shifted, and the baby boomers are hitting the auto market hard.
Quality savings plans combined with automotive financing has helped this demographic buy once more.
Traditionally, sales have declined as people age - the older a person was, the less likely they were to want a new vehicle - but now the 55-to-64-year-old segment is leading the pack, according to a study conducted by the University of Michigan's Transportation Research Institute.
The change has occurred on a cultural level, as well as a financial one, Bloomberg reported. Baby boomers desire extended youth as their years progress, and a new automobile can provide that feeling.
"I have to have a new car every year-and-a-half to two years," Dave Rodham, of Virginia Beach, Virginia, told the news source. "After I retired 10 years ago, I didn't have anything else to do, so I went out and bought new cars."
Over the last few years, less people under the age of 45 were buying, the U-M Transportation Research Institute stated. In contrast, one vehicle was bought per every 14.6 people aged 55-64.
Regardless of age, automotive financing is an ideal method for buying the perfect new car, even later in life.