Toronto, Ontario – The demographics of Canadian used-vehicle buyers remained stable in 2007 and 2008, according to a report by J.D. Power and Associates, which found that the typical buyer was 44 years old.
Fewer than one-third were 35 years or younger, and about one-fifth were 56 years and older. In both years, about 37 per cent of all buyers were female.
The percentage of used-vehicle transactions that included an extended service plan remain stable at about 21 per cent, but sales of life and disability insurance dropped. In both years, slightly fewer than half of the trades coming in on used vehicle sales were from the same manufacturer, with the average age of a trade-in being 7.8 years.
Compared with 2007, the percentage of transactions in 2008 that included a loan taken out at the dealership dropped by more than two percentage points, while lease penetration dipped by a smaller amount, and cash transactions jumped. The report suggested that these differences are most likely related to the scarcity of credit in the latter part of 2008.