Abstract
The collapse in new car sales since mid-2008 has captured all the headlines, but the fact that both new and used car sales have been in decline since 2004 has largely gone unnoticed. One of the factors behind falling sales is that car owners are holding on to cars for longer and feel less need to replace them more frequently.
This report identifies the lifestage groups that are responsible for falling sales and longer car replacement cycles since 2004, and also identifies the brands and product features that these age groups are looking for from their next car purchase.
The distinct differences in car ownership and purchasing between the different lifestage groups show that encouraging higher levels of car purchasing goes beyond brand choice and benefits sought, but consideration must also be taken of how the different groups pay for cars and the trade-offs between buying a new or used car.
Key issues
- What are the reasons behind the fall in car sales since a peak was reached in 2004?
- Which lifestage groups are the main owners and buyers of new and second-hand cars?
- Which lifestage groups have seen the highest falls in car purchasing and ownership?
- Which lifestage groups present the best opportunities for sales to rise during and after the recession?
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