New Car Buyer Demographics 2020 (Updated)
We get asked a lot of questions about new car buyer demographics. We wanted to do some in-depth data analysis to see who buys new cars in 2020.
Buying a new vehicle is a major household expenditure. It is reported that Baby Boomers purchase 62% of new cars in the U.S. Millennials will soon account for most new vehicle purchases. A new (or used) vehicle is important to a lot of Americans because 85% have a drivers’ license.
Average age of new car buyers is getting older
Research published by the Federal Reserve shows the average age of a new car or truck buyer has grown older over the past decade. It is now around 53 years old. They also note that among new vehicles buyers, the 55+ age group has a 15 percentage point increase since 2000.
Here are some demographics of new car and truck buyers. This is pulled from the automotive mailing list database of 170+ million vehicle owners. They are buyers of new 2018 and 2019 model year vehicles.
And to clarify a question on these stats that came up in a recent LinkedIn posting, the car buyer demographic stats, as well as our mailing list data, are based on the owner of the vehicle. They don’t account for who influenced a purchase.
Affordability a big concern among new car buyers
According to a study released by Cox Automotive, 64% of new car buyers rated affordability as “important” (late 2018 is the most recent data from this particular study). About half—53%—consider the total purchase price. 20% instead consider the monthly payment. The remainder, 27% consider the total purchase price along with the monthly payment. The percentages only varied by a point for new car buyers vs. used car buyers.
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