January 22, 2007
J.D. Power releases 2006 used-vehicle buyer demographics
Toronto, Ontario – J.D. Power and Associates has released its 2006 demographics for Canadian used-car buyers, which found that the typical purchaser was 43 years old. Slightly less than half of all buyers were in the 36- to 55-year-old age group; one third were age 35 or younger, higher than the number of new-vehicle buyers at 27 per cent.
Slightly more than one-third of buyers were female, which the company says does not account “for male buyers who were influenced in their decision-making by females.”
About one of every seven buyers purchased an extended warranty with the vehicle, and approximately one-third traded in a vehicle of the same brand as their purchase. Calculated using the model year of the trade-in, the average age of the car traded was eight years. Finally, more than half of used-vehicle purchases were cash, including self-financing; about four of every ten included a loan made at the dealership, and less than one in ten was leased.