Photo: Flickr/Pedro Ribeiro Simoes
While we have seen that millennials seemingly have little interest in buying cars, automakers have been recording increasing sales over the last few months.If young people aren’t getting behind the wheel, who is actually buying all these cars?
According to new data from J.D.Power and AARP, a full 62 per cent of cars registered thus far in 2012 have been by people that are at least 50 years old.
Furthermore, buyers in that age group account for 66 per cent of all hybrids sold. Buyers over 50 also account for 47 per cent of all dollars spent on consumer goods and services annually. That’s $2.7 trillion each year.
So how many cars are younger people buying? it seems that people in the 25-44 age range account for just 26 per cent of cars sold in 2012.
That is a heavy decrease from 10 years ago, when 43 per cent of cars were bought by people between 25 and 44.
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