Interesting Wall Street Read On Car Buying Trends
08-06-2013, 11:49 AM
#1
Drifting
Thread Starter
Interesting Wall Street Read On Car Buying Trends
GM, are you listening.
“Old people are the car buyers of today, and they probably will be more and more in the future. Therefore, models aimed at younger drivers appear to be nothing more than a waste of auto manufacturer time and money.
In 2011, the peak probability of buying a new vehicle per driver was among those between 55 and 64 years of age -- a shift from four years earlier that peaked with the 35-to-44-year-old age group.
Car research group R.L. Polk issued numbers that may be worse for the car industry, at least as it moves into the next decade. Many people would expect high end car buyers to be older, and that is the case. Luxury cars that appeared aimed at younger buyers have relatively old median ages among those who purchase them. For example, the median age of BMW buyers was 50 in 2011, according to Polk. Across virtually all models, Polk researchers found median age rose significantly from 2007.”
EDIT: Should have added that Polk shows Prestige Sporty market sales (Porsche Panamera and Porsche 911 competitors like Corvette) have increased since 2007. But, as per the article, buyers have become older. It was also interesting that they concluded designing cars to atract younger buyers was not proving successful.
“Old people are the car buyers of today, and they probably will be more and more in the future. Therefore, models aimed at younger drivers appear to be nothing more than a waste of auto manufacturer time and money.
In 2011, the peak probability of buying a new vehicle per driver was among those between 55 and 64 years of age -- a shift from four years earlier that peaked with the 35-to-44-year-old age group.
Car research group R.L. Polk issued numbers that may be worse for the car industry, at least as it moves into the next decade. Many people would expect high end car buyers to be older, and that is the case. Luxury cars that appeared aimed at younger buyers have relatively old median ages among those who purchase them. For example, the median age of BMW buyers was 50 in 2011, according to Polk. Across virtually all models, Polk researchers found median age rose significantly from 2007.”
EDIT: Should have added that Polk shows Prestige Sporty market sales (Porsche Panamera and Porsche 911 competitors like Corvette) have increased since 2007. But, as per the article, buyers have become older. It was also interesting that they concluded designing cars to atract younger buyers was not proving successful.
Last edited by WHT; 08-06-2013 at 12:21 PM.
08-06-2013, 12:13 PM
#3
Team Owner
Heads are exploding over this "new" news. I told you guys before; when an old fart dies, another one steps up to the plate to replace him. There will always be a supply of old farts(with money) to buy new cars. Report out a couple of days ago....1/3 of youngsters between the ages of 18 and 31 are living at home with their parents. I'm 71 and I'm not living at home with my parents. Could it be because I can afford to live in my home and buy expensive new cars?
08-06-2013, 12:13 PM
#4
Le Mans Master
I wonder what age groups the Camaro and Mustang are targeting because they are selling well.....to younger people. So is the Cruze, Toyota's sporty little car, Scions etc etc.
08-06-2013, 12:21 PM
#5
Cars are bought with money. Wherever the money is, the buying will be, in the past 5 years, wages have been stagnant with higher unemployment and generally ****** growth and real estate numbers. As the economy continues to find footing I am sure that trend will move back towards the 34-55
08-06-2013, 12:22 PM
#6
Team Owner
If, at 71 , I'm in the market for a new car and can, and plan to, spend $65,000-$100,000, why should I purchase a Mustang, Camaro, Cruze, Scion, etc when I can purchase a Mercedes, Lexus, BMW, Corvette, Porsche, etc?
08-06-2013, 12:30 PM
#7
Le Mans Master
Report didn't say ALL new cars were sold to older people. It said that the age of buyers was getting older, and that high end cars(ie: more expensive) were being purchased by older people, even when the car was designed and marketed to appeal to the young.
If, at 71 , I'm in the market for a new car and can, and plan to, spend $65,000-$100,000, why should I purchase a Mustang, Camaro, Cruze, Scion, etc when I can purchase a Mercedes, Lexus, BMW, Corvette, Porsche, etc?
If, at 71 , I'm in the market for a new car and can, and plan to, spend $65,000-$100,000, why should I purchase a Mustang, Camaro, Cruze, Scion, etc when I can purchase a Mercedes, Lexus, BMW, Corvette, Porsche, etc?
Last edited by BeaZt; 08-06-2013 at 12:36 PM.
08-06-2013, 12:30 PM
#8
Le Mans Master
08-06-2013, 12:37 PM
#9
Safety Car
08-06-2013, 12:54 PM
#10
Team Owner
when I reach the ripe old age of 55 I will still be driving a sports car and the only Buick that I will be driving is my Grand National.
08-06-2013, 01:02 PM
#11
Team Owner
About the only way we have to know who buys new corvettes, it to look around and see who's driving them. I see 95% older folks(60+) driving new Corvettes.
Last edited by JoesC5; 08-06-2013 at 03:03 PM.
08-06-2013, 01:03 PM
#12
Safety Car
The yoots are not buying cars or getting drivers licences.
http://www.outsidethebeltway.com/mil...vers-licenses/
http://www.outsidethebeltway.com/mil...vers-licenses/
08-06-2013, 01:21 PM
#13
Le Mans Master
My humble opinion is that Corvettes never appealed to today's general "younger" population until now. Of course some do indeed like the corvette. In my area I see tons of younger people in corvettes C5's, C5Z's and C6's especially. I may saw a few"younger" people in C6Z's every now and then. I've never seen a younger person in a ZR1. But what I have seen younger people around here in are P-Cars, M Series, AMG series, S series Audi's, GT500's, ZL-1's and GTR's. These youngin use them as daily drivers and quite a few take them to HPDE's (I would never do that with a daily driver lol) With the new C7 I am sure a few of them will jump ship off of looks and price point alone not to mention those who care about the technology....once again that's my humble opinion. I could be totally wrong
08-06-2013, 01:24 PM
#14
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The C6.5's design is aimed at the young people living at home with mom and dad. Corvette will have the Cadillac problem before long. I don't want a transformer looking car. The first year sales (not production) will be interesting indeed.
When the Cadillac XTS came out I drove one and was at my Cadillac dealers getting an oil change on my CTS when the subject of buyers age came up. The dealer had sold 6 or 8 new XTS's and he told me the average age of those buyers was 78. They thought it was funny. Not what they want to hear in Detroit.
When the Cadillac XTS came out I drove one and was at my Cadillac dealers getting an oil change on my CTS when the subject of buyers age came up. The dealer had sold 6 or 8 new XTS's and he told me the average age of those buyers was 78. They thought it was funny. Not what they want to hear in Detroit.
08-06-2013, 01:36 PM
#15
50 percent of college grads can't find jobs that pertain to their newly earned degrees. So they are taking low wage jobs to compensate. But the back breaker is their parents are taking out loans against their 401k's to help pay for their kids college loans. So their go's that purchasing demographic. Seems the only group that has the cash for a new vette are 55+ yo's. Yes, some younger people can afford one. But not as many as you would think. A good amount of families are living together longer because of the cost of living and a **** poor job market.
I first bought my vette when I was 20. And the first question out of most folks mouths were," is that your fathers car?". Time hasn't changed that perception any.
08-06-2013, 01:55 PM
#16
Melting Slicks
Don't think so. Younger folks are busy getting married, starting families and trying to find affordable housing. They don't have room or the cash flow for a $60k sports car they can't drive all the time.
50 percent of college grads can't find jobs that pertain to their newly earned degrees. So they are taking low wage jobs to compensate. But the back breaker is their parents are taking out loans against their 401k's to help pay for their kids college loans. So their go's that purchasing demographic. Seems the only group that has the cash for a new vette are 55+ yo's. Yes, some younger people can afford one. But not as many as you would think. A good amount of families are living together longer because of the cost of living and a **** poor job market.
50 percent of college grads can't find jobs that pertain to their newly earned degrees. So they are taking low wage jobs to compensate. But the back breaker is their parents are taking out loans against their 401k's to help pay for their kids college loans. So their go's that purchasing demographic. Seems the only group that has the cash for a new vette are 55+ yo's. Yes, some younger people can afford one. But not as many as you would think. A good amount of families are living together longer because of the cost of living and a **** poor job market.
x1000
08-06-2013, 02:21 PM
#17
25 year old...soon to be a 1st time Corvette owner.
Wifey...25 years old...soon to be a 1st time Corvette owner.
Oh and...yeah Im from Europe. It's weird huh?
Wifey...25 years old...soon to be a 1st time Corvette owner.
Oh and...yeah Im from Europe. It's weird huh?
08-06-2013, 02:45 PM
#18
Safety Car
08-06-2013, 02:48 PM
#19
this comes up from time to time and i always give the same reasons..
when i was growing up in the 60s and 70s you had to have a car to 'connect', meet girls and hang with your buds.
young folks today do that with social media, pcs, iphones, ipads and so forth. i have a couple of nephews that didnt even get a learners for 2 or 3 years after they were illegible, and thats in GA, not NYC.
cars are also expensive. and a lot of young folks that would buy new cars are loaded with debt due to college (which is a true shame).
my prediction for cars is this.. in 20 to 40 years, cars will be automated. you be able to drive them, but on many roads you will simply program where you want to go and sit back and the vehicle will slot in and go using robotics, computer systems and so forth. at that point cars become an appliance for most. 'drivers' cars will continue to exist, but there will be fewer of them and they will be more expensive.
and i will say this, having bought my first new car (a roadrunner) for less than 3k, its hard for me to get my mind around paying 20 times that for any car, and i could write a check for a turbo porsche out of my personal checking account.
when i was growing up in the 60s and 70s you had to have a car to 'connect', meet girls and hang with your buds.
young folks today do that with social media, pcs, iphones, ipads and so forth. i have a couple of nephews that didnt even get a learners for 2 or 3 years after they were illegible, and thats in GA, not NYC.
cars are also expensive. and a lot of young folks that would buy new cars are loaded with debt due to college (which is a true shame).
my prediction for cars is this.. in 20 to 40 years, cars will be automated. you be able to drive them, but on many roads you will simply program where you want to go and sit back and the vehicle will slot in and go using robotics, computer systems and so forth. at that point cars become an appliance for most. 'drivers' cars will continue to exist, but there will be fewer of them and they will be more expensive.
and i will say this, having bought my first new car (a roadrunner) for less than 3k, its hard for me to get my mind around paying 20 times that for any car, and i could write a check for a turbo porsche out of my personal checking account.
08-06-2013, 03:54 PM
#20
Corvette fan
this comes up from time to time and i always give the same reasons..
when i was growing up in the 60s and 70s you had to have a car to 'connect', meet girls and hang with your buds.
young folks today do that with social media, pcs, iphones, ipads and so forth. i have a couple of nephews that didnt even get a learners for 2 or 3 years after they were illegible, and thats in GA, not NYC.
cars are also expensive. and a lot of young folks that would buy new cars are loaded with debt due to college (which is a true shame).
my prediction for cars is this.. in 20 to 40 years, cars will be automated. you be able to drive them, but on many roads you will simply program where you want to go and sit back and the vehicle will slot in and go using robotics, computer systems and so forth. at that point cars become an appliance for most. 'drivers' cars will continue to exist, but there will be fewer of them and they will be more expensive.
and i will say this, having bought my first new car (a roadrunner) for less than 3k, its hard for me to get my mind around paying 20 times that for any car, and i could write a check for a turbo porsche out of my personal checking account.
when i was growing up in the 60s and 70s you had to have a car to 'connect', meet girls and hang with your buds.
young folks today do that with social media, pcs, iphones, ipads and so forth. i have a couple of nephews that didnt even get a learners for 2 or 3 years after they were illegible, and thats in GA, not NYC.
cars are also expensive. and a lot of young folks that would buy new cars are loaded with debt due to college (which is a true shame).
my prediction for cars is this.. in 20 to 40 years, cars will be automated. you be able to drive them, but on many roads you will simply program where you want to go and sit back and the vehicle will slot in and go using robotics, computer systems and so forth. at that point cars become an appliance for most. 'drivers' cars will continue to exist, but there will be fewer of them and they will be more expensive.
and i will say this, having bought my first new car (a roadrunner) for less than 3k, its hard for me to get my mind around paying 20 times that for any car, and i could write a check for a turbo porsche out of my personal checking account.
