Friday, May 31st, 2013 - Roy Morgan Research
Australians aged over 55 are driving new car sales growth and making up an increasing proportion of the market, the latest Roy Morgan Research automotive data shows.

In the 12 months to March 2013, 11.7% of people aged 55+ expressed an intention to buy a new car within the next four years—up from 9.9% four years ago—while the proportion of those under 55 looking to buy a new car fell from 12.5% to 12.1% over the period.

In 2009, there were 58,000 more new car intenders aged under 35 than over 55; now, the tables have turned and those aged 55+ outnumber those <35 by 55,000.

This year, there are an additional 224,000 new car intenders in Australia compared with 2009. 72% of them (161,000) are aged over 55. In 2009, the 55+ group accounted for 25.9% of new car intenders; this year it represents 30.4%.

Norman Morris, Industry Communications Director, Roy Morgan Research, says:

“The Over-55s are significantly more likely to own their home, in a 1-2 person household with no children. However they are still budget-conscious, with below average incomes and a higher representation in the lower socio-economic quintiles.

“The Small Car segment is their favoured option, regardless of budget, with brands such as Subaru, Volkswagen, Kia, and Hyundai high on the list.

“The 55+ age group tends to be light internet users and heavy newspaper readers. They’re also 60% more likely than the general New Car Intender population to view newspapers as the most useful source of information when purchasing a new car (29.2% compared with 18.3%)—however, 40.2% say the internet (compared with 54.8% of all intenders).

“Interestingly, the opposite trend is occurring in New Zealand. New car intention is down compared to 2009 but has shown a lift over the last year—driven by those aged under 55.”

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Source: Roy Morgan Single Source (Australia). Base: New Car Intenders (within the next 4 years). April 2008 - March 2009 n = 5822, April 2012 - March 2013 n = 5841

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Australians aged over 55 are driving new car sales growth and making up an increasing proportion of the market, the latest Roy Morgan Research automotive data shows.

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