Who are the buyers and owners of full-size cars?
In this blog post, we’ll take a closer look at the demographics and preferences of full-size car buyers, giving you a better understanding of this market segment.
Table of Contents
Let’s dive in.
Quick Demographic Facts About Full-Size Car Owners
Full-size car owners are 55% men. Approximately 70% of full-size car owners are white, while 35% of them have completed some college education, and 30% hold a bachelor’s degree. Those earning between $50K – $100K represent 35% of full-size car owners, while 25% make $100,000-$150,000 per year.
More quick facts, before we dive deeper into the demographics.
- The average age of new car buyers is around 53 years old
- Among new vehicle buyers, the 55+ age group has seen a 15 percentage point increase since 2000
These statistics provide an informative snapshot of the current demographics of full-size car owners, highlighting trends such as the increasing age of new car buyers and the growing popularity of hybrid vehicles in the market.
Age Demographics for Full-Size Car Owners
|Age Range||Percentage of full-size Car Owners|
- Around half of all car owners in the U.S. are over the age of 60 years old
- Baby Boomers represented around 35 percent of new car sales in 2021
- In contrast, Gen X made up the majority of used car buyers
These statistics highlight the role that age plays in the demographics of full-size car owners, with older individuals tending to dominate the new car market, while younger drivers are more likely to opt for used cars.
Gender Demographics for Full-Size Car Owners
|Gender||Percentage of Full-Size Car Owners|
- Men are much more likely to own cars than women in the United States, even though as many women hold a valid driver’s license.
- Men were also more likely than women to report they could get to work easily without a personal vehicle. Women are less likely to take public transportation than men.
In light of these numbers, it is clear that gender differences persist in full-size car ownership and usage patterns, with men generally having a higher rate of ownership and access to personal vehicles.
Ethnicity Demographics for Full-Size Car Owners
|Ethnicity||Percentage of Full-Size Car Owners|
- White car buyers make up over four-fifths of both the new and used car markets in the United States in 2021. This indicates that white individuals comprise a significant portion of full-size car owners in the country.
The data illustrates a majority of full-size car owners in the United States falling within the white demographic.
However, Hispanic or Latino Americans also show high engagement in the used car market, indicating potential diversity in full-size car ownership.
Education Level Demographics for Full-Size Car Owners
|Education Level||Percentage of Sedan Car Owners|
|High School or Less||20%|
|Master’s Degree or Higher||15%|
Higher levels of education tend to correlate with preferences for full-size cars and electric vehicles.
Key facts about full-size car owners’ education levels:
- Higher education levels often correlate with owning electric full-size cars, as these individuals tend to have higher environmental awareness.
- Full-size car owners with lower levels of education may choose vehicles based on price, size, and other practical factors instead of sustainability or energy-efficiency aspects.
- The demand for full-size vehicles, including electric cars, is influenced by an individual’s understanding of environmental impacts, which is typically higher with advanced education.
The data suggests that education level can play a significant role in shaping individuals’ preferences for full-size cars, including electric vehicles, and their overall awareness of the environmental impact associated with transportation choices.
Average Income Level for Full-Size Car Owners
|Income Level||Percentage of Full-Size Car Owners|
|Less than $50,000||15%|
|$50,000 – $100,000||35%|
|$100,000 – $150,000||25%|
|$150,000 – $200,000||15%|
|More than $200,000||10%|
Full-size car owners can be found across various income levels. The distribution of car ownership, in general, (incl. leasing) is as follows:
- Household income under $25,000 — 4%
- Household income $25,000 to $50,000 — 5%
- Household income $50,000 to $100,000 — 9%
- Household income $100,000 and up — 14%
It should be noted that there is a significant increase in vehicle ownership as income surpasses $50,000. This can be attributed to the high running costs associated with car ownership, making it difficult for low-income earners to afford a full-size vehicle. Furthermore, the real median household income in the United States in 2021 was +$70K indicating that a considerable percentage of households fall within the income brackets associated with increased car ownership.
The data also reveals that as income increases, the likelihood of owning a full-size car grows. However, it’s important to remember that multiple factors can influence vehicle ownership, beyond just income levels.
Other Interesting Facts About Full-Size Car Owners
- The best full-size cars of 2023 include the Porsche Taycan Sport Turismo, Audi A8, and BMW 7 Series.
- The global automotive industry had over $1.5 trillion in revenue from road vehicle and parts retail trade in 2023.
- Motor vehicle production increased by 3% in 2021, with around 80 million motor vehicles manufactured globally that year.
- Over 1 million vehicles were stolen in 2022, a 7% increase over 2021, with California and Texas having the most reported stolen vehicles.
- Automotive accounted for 23% of all retail sales in 2023.
- The average price of a full-size car in the United States is $36,000.
- The Toyota Avalon is the top-ranked full-size car for 2023 according to U.S. News & World Report.
- Full-size cars have an average fuel economy of 24 mpg combined.
- The Audi A8 has a 4.0-liter V8 engine with 453 horsepower.
- The BMW 7 Series has a 3.0-liter inline-six engine with 335 horsepower.
- The Mercedes-Benz S-Class has a 3.0-liter inline-six engine with 429 horsepower.
- Full-size cars are often referred to as “large cars” and are typically defined as having a length of 196 inches or longer.
- The 2023 Porsche Taycan Sport Turismo has a range of 227 miles per charge.
- The Audi A8 has a 48-volt mild-hybrid system that can boost fuel economy and performance.
- The BMW 7 Series has a plug-in hybrid option that can travel up to 21 miles on electric power alone.
- The Mercedes-Benz S-Class has a standard air suspension system that provides a smooth ride and can adjust to different driving modes.
- The Toyota Avalon has a 3.5-liter V6 engine with 301 horsepower.
- Full-size cars are often used as taxis and limousines due to their spaciousness and comfort.
- The Chevrolet Impala was discontinued after the 2020 model year, leaving the Toyota Avalon as the only full-size car available in the U.S. from a domestic automaker.
- Full-size cars tend to have larger engines and more horsepower than smaller cars, but they also tend to have lower fuel economy.
- The 2023 Audi A8 has a starting price of $86,500.
- The 2023 BMW 7 Series has a starting price of $86,800.
The data presented provides valuable insights into the full-size car market and car ownership in the United States, highlighting the preferences of different age groups and variations across regions.