A True Shift In Car Buying

By Nathalie Godoy | Posted in Uncategorized on Monday, August 28th, 2017 at 8:31 pm

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

Phone: 877.861.4496

Website: www.cardinalewayhyundai.com

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