Baby Boomers, people age 50 and above, are driving up new car sales. 62% of new vehicles sold are purchased by baby boomers, a jump from 39% in 2001 according to AARP and J.D. Power.
"We've seen that trend emerge more clearly over the past four years," said Courtesy Chevrolet's Sales Director Scott Gruwell to news radio KTAR. "It seems boomers are buying new and Millennials are buying used."
The percentage of new car purchases by baby boomers has surged past the corresponding population growth percentage.
The high prices of gas are the perceived cause of Millenials purchasing used cars.
"Boomers' discretionary income was less affected than Millennials'," Gruwell said. "Frankly, [older buyers] don't have the patience to mess around with [something used] and want the reliability and securing of a new vehicle."
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