What Is the Average Age of New Car Buyers

Cox Automotive's 2023 Car Buyer Journey Study surveyed nearly 3,000 buyers who purchased or leased a vehicle between September 2022 and August 2023, breaking down demographics, income, and credit profiles across new, used, and electric vehicle buyers.

What Is the Average Age of a New Car Buyer

The average new car buyer in the US is 52 years old. Gen X makes up the largest share of new car buyers, at 33% of the market, followed closely by Millennials and Baby Boomers, who are each at 29%. Only 3% of new car buyers are Gen Z. New vehicle buyers are 59% male and 41% female.

What Is the Average Age of a Used Car Buyer

The average used car buyer is 50 years old. Gen X makes up the largest share of used buyers at 40%, followed by Millennials at 27% and Baby Boomers at 25%. Gen Z accounts for just 5%. Used vehicle buyers are 55% female and 45% male.

How New and Used Car Buyers Differ

New buyers carry stronger credit. 58% have super-prime scores of 750 or higher, compared with 38% of used buyers. Used buyers spend more time shopping despite paying less, putting in 14 hours and 8 minutes on the full process versus 11 hours 45 minutes for new buyers.

Used car buyers are more likely to cross-shop, with 78% considering both new and used vehicles compared to just 37% of new buyers.

Why Do People Replace Their Car

An aging previous car was among the top purchase triggers for 25% of new buyers and 26% of used buyers. For used buyers, 25% cited an unreliable previous vehicle as a common trigger. That's well above the 16% of new buyers who said the same. A 20% share of new buyers and a 19% share of used buyers also cited wanting a different vehicle type.

Drivers Are Keeping Their Vehicles Longer Than Ever

The average ownership period of a new vehicle in the United States is 8.4 years, with some models being held for 9.7 to 11.4 years. In 2008, new-vehicle owners kept their cars an average of 56.3 months, or about 4.7 years, according to R.

Very DriverVery Driver

Despite this, data shows that drivers are keeping their vehicles longer due to high vehicle costs, rising interest rates, and higher monthly payments. Rather than replacing an aging car right away, many drivers are holding on to what they already own.

Some of that comes down to sentimental value, with owners forming real attachments to the vehicles that carried them through specific chapters of their lives.