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.”
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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