Which demographic buys the most cars?
Share of new vehicle sales by the coveted 18- to 34-year-old demographic has dropped to 9. Meanwhile, the 65+ crowd has more purchasing power than ever before, surpassing 26% of new vehicle sales, its highest share on record (Figure 1). According to the National Association of Realtors’ 2025 Home Buyers and Sellers Generational Trends Report, baby boomers accounted for 42 percent of U. S. July 2023 and July 2024, topping millennials, who accounted for 29 percent. This was a rare exception in recent years.Baby boomers have the highest household net worth of any US generation. Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.Distribution of new and used car buyers by age group in the U. S. In 2021, Baby Boomers were the main new car buyers in the United States, representing around 36 percent of new car sales. By contrast, Gen X made up the majority of the used car buyers, at close to 40 percent of the sales.
Where do most people buy used cars from?
Online auto marketplaces Websites like Autotrader and Cars. Online aggregators may include listings from sites like CarMax and Carvana. Cars. Carmax offers the best prices for used vehicles when selling a car online. CarBrain is our top recommendation for selling an old or damaged car online.
What ethnicity buys the most cars?
Distribution of new and used car buyers by ethnicity in the U. S. In 2021, most of the car buyers in the United States self-identified as white. This included both the new and used car markets, where this ethnic group made up over four-fifths of the buyers. In 2021, most of the car buyers in the United States self-identified as white. This included both the new and used car markets, where this ethnic group made up over four-fifths of the buyers. Contrastingly, respondents self-identifying as Hispanic made up 12 percent of the new car buyers.
Which demographic buys the most?
Not only are Baby Boomers the wealthiest generation, holding 70% of the disposable income in the U. S. CPG dollars. Baby boomers account for 42% of all home buyers, while millennials fall to 29% (down from 38% from one year ago). Multigenerational home buying is on the rise, with Generation X leading the trend. Half of older boomers and 40% of younger boomers are purchasing homes entirely with cash.Gen X in 2023 were electric. Gen Xers also purchased the most new vehicles of any generation over the year, as well as the most EVs in total (Experian). Both Gen X and millennials demonstrate a higher propensity for financing, leveraging their purchasing power and credit scores.