Toronto, Ontario – The demographics of Canadian used-vehicle buyers changed very little in 2009, compared with 2008, according to a report by J.D. Power and Associates.
In 2009, the age of the typical buyer increased to 45 years old, from the 2008 average of 44 years old. Slightly less than one-third were 35 or younger, and about one-quarter were 56 or older. In both 2008 and 2009, approximately 38 per cent of all used-vehicle buyers were female.
What did decrease notably in 2009 was the percentage of used-vehicle transactions that included an extended service contract, life insurance, or disability insurance.
In both years, slightly fewer than half of the trades coming in on used vehicles were from the same manufacturer. The average age of the traded-in vehicles was almost identical: 7.9 years in 2009, compared to 7.8 in 2008.
The percentage of transactions in 2009 that included a loan obtained at the dealership dropped by almost five percentage points compared with 2008. Cash sales, a category that includes loans obtained privately by the customer, jumped by nearly six percentage points. The report said this is reflection of the tightening of the credit purchase policy by captive lenders, especially in the first half of 2009.