Are you curious about the demographics of used car buyers? Understanding who buys used cars can help you make better decisions when buying or selling a used car.
In this post, we’ll take a closer look at the demographics of used car buyers, including age, income, and gender.
So, grab a cup of coffee and let’s dive in!
Table of Contents
Age Demographics for Used Car Buyers
|Age Group||Percentage of Used Car Buyers|
For new sedan purchases:
- 1% of buyers are 24 years and younger
- 51% are aged 25-54
- 21% are aged 55-64
- 27% are aged 65 and up
For new truck purchases:
- 1% of buyers are 24 years and younger
- 50% are aged 25-54
- 23% are aged 55-64
- 26% are aged 65 and up
The majority of used car buyers belonged to the Gen X age group. Baby Boomers represented around 36% of new car sales, but their presence in the used car market was also significant.
While these figures primarily pertain to new car purchases, they may provide a useful comparative reference for understanding used car buyer demographics.
Gender Demographics for Used Car Buyers
|Gender||Percentage of Used Car Buyers|
Between September 2020 and August 2021, 60% of new car buyers in the United States identified as men, while women represented 40% of new car buyers.
It is evident that gender plays a significant role in car-buying demographics, with men being the larger share of used car buyers. Age is also an important factor in the market, with older generations typically purchasing more used cars.
- In 2021, over four-fifths of car buyers in the United States identified as white, dominating both the new and used car markets.
- Hispanic or Latino Americans reported spending a certain amount on used cars and trucks annually, as per the 2020 Consumer Expenditure Survey.
- An estimated 18% of Black households did not have access to a car in 2019.
- In the same year, 13% of Native American households did not have access to a car.
- The Asian/Pacific Islander and Latino households also reported a lack of car access in 2019.
- As of 2019, 6% of white households reported not having access to a car.
These numbers reveal a disparity in car access and purchasing behavior among different ethnic groups in the United States, highlighting the need for further analysis and understanding of the factors that contribute to these differences.
Education Level Demographics
|Education Level||Percentage of Used Car Buyers|
|High School Diploma or Less||25%|
|Some College or Associate Degree||30%|
|Graduate or Professional Degree||20%|
These statistics show that used car buyers can be found across various education levels, with no clear majority. There is a relatively even distribution across the different tiers of educational attainment, highlighting that used car purchase decisions are made by individuals with diverse educational backgrounds.
Average Income Level
|Annual Household Income||Percentage of Used Car Buyers|
|Less than $50,000||36%|
|$50,000 – $100,000||31%|
The data suggests that the majority of new SUV and sedan buyers tend to have household incomes exceeding $50,000 per year, with a sizeable percentage earning over $100,000 annually.
Other Interesting Facts About Used Car Buyers
- The used car market in the US was valued at $840.9 billion in 2020.
- In 2021, used car sales are projected to reach 38.8 million units in the US.
- The average price of a used car in the US is around $21,558.
- The most popular used car models in the US are the Ford F-150, Chevrolet Silverado, and Toyota Camry.
- In 2020, pickup trucks were the most popular type of used vehicle sold in the US.
- The average age of a used car in the US is 11.9 years old.
- As of 2021, there were over 286 million registered vehicles in the US, with around 40% of those being used cars.
- 63% of used car buyers are male and 37% are female.
- In 2020, the most commonly searched for used car brand in the US was Ford.
- The average length of ownership for a used car in the US is 79.3 months.
- In 2020, the top reasons for buying a used car in the US were affordability and value for money.
- The most popular color for a used car in the US is white.
- The average down payment for a used car in the US is around $4,000.
- In 2020, the top states for used car sales in the US were California, Texas, and Florida.
- The top sources for used car purchases in the US are private sellers, franchised dealerships, and independent dealerships.
- In 2020, the most common financing option for used car purchases in the US was a loan from a bank or credit union.
- The average monthly car payment for a used car in the US is around $391.
- The most important factor for used car buyers in the US is reliability.
- In 2020, the most common mileage range for a used car sold in the US was between 50,000 and 100,000 miles.
- The most popular features in a used car in the US are air conditioning, power windows and locks, and a backup camera.
- The average trade-in value for a used car in the US is around $15,000.
- In 2020, the most commonly traded-in used car in the US was the Honda Civic.
- The most common reason for selling a used car in the US is to upgrade to a newer model.
- In 2020, the average time a used car spent on the market before being sold in the US was around 34 days.
- The most popular types of used cars in the US are sedans, SUVs, and trucks.
- In 2020, the top brands for certified pre-owned (CPO) vehicles in the US were Toyota, Chevrolet, and Ford.
- The most common service contracts for used cars in the US are extended warranties and maintenance plans.
- In 2020, the most commonly added accessory to a used car in the US was a roof rack.
- The average annual maintenance and repair costs for a used car in the US is around $1,986.
- The most important factors in determining the value of a used car in the US are age, mileage, and condition.
It is evident that the used car market holds a significant share in the automobile industry, with diverse age groups and preferences shaping the landscape of car ownership and purchasing habits.