When it comes to buying new vehicles, older consumers may be a marketer's best bet, says a University of Michigan researcher.
Michael Sivak, research professor at the U-M Transportation Research Institute, examined the differences in the probability of licensed drivers purchasing a new light-duty vehicle (car, pickup truck, SUV or minivan) as a function of their age for the years 2007 and 2011.
He found that in 2011, the peak probability of buying a new vehicle per driver was among those between 55 and 64 years of age—a shift from four years earlier that peaked with the 35-to-44-year-old age group.
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