Baby boomers who have reached a year closer to retirement are now facing the fact that they are past their highest car-buying years.
According to recent research conducted by the research firm GfK Automotive, Generation X and Y now represent 63 percent of those who are interested in purchasing new vehicles within the next 12 months.
The baby boomer generation usually refers to those who were born from 1946 to 1964 while Generation X represents those born from 1965 to 1976 and Generation Y from 1977 to 1994.
The report showed that baby boomers account for only 30.3 percent of those intending to purchase a new vehicle in the next 12 months, which is a decrease from the 33.6 percent that was recorded in 2008.
The Generation Y group increased its share of new-vehicle intenders by 50 percent, jumping from 16 to 24 percent, while Generation X remained steady at 39 percent.
All of the generations included in the study have similar reasons for purchasing new vehicles, including more dependability, longevity, and receiving good value for the money.
Younger drivers consider a new car being fun to drive, safe and technologically-enabled as the most important things taken into account when they are thinking about securing auto financing with new car dealers.
?If manufacturers are going to capture the hearts and wallets of this growing generation of younger consumers, they?ll need to develop vehicles that appeal to their tastes and preferences,? said Jeff Campana, senior vice president of GfK Automotive, in a written report earlier this month.
The GfK study also found that 29 percent of Generation Y consumers are contenders for small cars while 19 percent of Generation X and 19 percent of baby boomers are consumers of small cars. This is thought to be a result of younger people wanting to have more fuel-efficient vehicles that are smaller and sportier. The 29 percent of Generation Y drivers wanting smaller cars could also be a result of those vehicles being the only kind of vehicle young drivers can afford.
According to Cars.com, the Toyota Camry is the most popular new car of 2012, which could be the vehicle that most younger citizens purchase as a result of the vehicle being small, sporty and fuel efficient.
Source: http://www.autoliquidator.com/news/2344783/baby-boomers-past-car-buying-years/
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