At our Hyundai Riverside dealership, CardinaleWay Hyundai, we’ve noticed a shift in who is buying cars. Historically, it used to be the 35-44 age age group that was most likely to buy an automobile. However, recently 62% of all new cars purchased were bought by Baby Boomers. Back in 2001, Baby Boomers represented only 39% of new cars sold. Now only one in four new vehicles are being purchased by people in the 35-49 age demographic. What’s the reason for this shift in consumer buying?
Actually, circumstance and income tend to dictate who buys a car and what kind of car they buy. Check out these statistics:
- Thirty percent of recently purchased cars were bought by individuals with a household income that fits within the highest income percentile
- The average annual income for used car buyers is now $48,004
- Fewer vehicles are bought by single women in their population demographic, but when they do buy a vehicle, their purchase represents a greater percentage of new vehicles
- Rural residents [71%] are more likely to purchase a used vehicle versus their urban counterparts [65%]
- Caucasians/Whites make up a whopping 88% of the car buying market
- The average monthly payment for a new sedan, truck, van, crossover or SUV is currently $399
CardinaleWay Hyundai Has A Vehicle For Everyone
Our population in Corona CA is diverse. At CardinaleWay Hyundai, your Hyundai Orange County dealer, we have a ride to suit every buyer’s needs and budget. We have a huge selection of new, certified preowned and used Hyundais. You buy with confidence, because we stand behind them all!
Hyundai of Corona
2525 Wardlow Rd.
Corona, California 92882