When it comes to buying a new car, baby boomers may have an edge over the potential buying power of the much sought-after Generation Y.
Consumers in the 55- to 64-year-old age range are most likely to buy a new car simply because this group has the second largest number of licensed drivers, according to a new study, Marketing Implications of the Changing Age Composition of Vehicle Buyers in the U.S., from the University of Michigan's Transportation Research Institute. Coming in first was the 45- to 54-year old age bracket that also includes boomers, the data showed.
Bottom line? "Baby boomers are your best customers," Michael Sivak, author of the study, told Credit Union Times.
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