Demonstrating the powerful effect of brand loyalty, seniors in America, which TrueCar.com defines as age 65 and over, chose vehicles from brands they grew up with, according to a new study by TrueCar.com, the authority on new car pricing and trends. The study reviewed the purchasing behavior of more than 200,000 car buyers from 2009 and 2010. "Seniors are looking for a luxurious and comfortable vehicle from a brand they are familiar with and trust, and many seniors grew up with these iconic American luxury brands in their parents' garage," said Jesse Toprak, Vice President of Trends and Analysis at TrueCar.com.
TrueCar.com was able to compile a list of the top brands purchased by seniors in 2009 and 2010, by percentage of buyers. Topping the list of brands were Buick, Lincoln and Cadillac.
The top brands for senior buyers in 2009 and 2010 were:
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Top Brands for Senior Buyers (Age 65 and Over) in 2009 and 2010 | |
Rank | Brands | Percentage Senior Buyers | |
1 | Buick | 57.5% | |
2 | Lincoln | 47.7% | |
3 | Cadillac | 44.0% | |
4 | Chrysler | 36.1% | |
5 | GMC | 32.4% | |
6 | Chevrolet | 31.2% | |
7 | Porsche | 29.5% | |
8 | Lexus | 27.6% | |
9 | Jaguar | 26.5% | |
10 | Hyundai | 25.0% | |
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"We are starting to see senior citizens branching toward non-domestic brands and into luxury and high-performance models by Porsche, BMW and Lexus, but the majority of purchases of American luxury automakers are still made by seniors," said Kristen Andersson, Automotive Analyst for TrueCar.com.
The top models for senior buyers in 2009 and 2010 and the current percentage discount from MSRP are:
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Top Models for Senior Buyers (Age 65 and over) in 2009 and 2010 and Current Discount Percentage | |
Rank | Make/Model | Percentage of Senior Buyers | MSRP (Manufacturers Suggested Retail Price) | Average Paid* | Percentage Discount from MSRP** | |
1 | Lincoln Town Car | 89.6% | $ 48,170 | $ 41,595 | 13.6% | |
2 | Buick Lucerne | 86.8% | $ 30,495 | $ 27,558 | 9.6% | |
3 | Cadillac DTS | 84.8% | $ 47,600 | $ 38,395 | 19.3% | |
4 | Cadillac CTS Wagon | 74.2% | $ 39,340 | $ 35,051 | 10.9% | |
5 | Cadillac STS | 71.0% | $ 48,155 | $ 39,148 | 18.7% | |
6 | Hyundai Azera | 64.7% | $ 26,270 | $ 24,353 | 7.3% | |
7 | Chevrolet Impala | 61.3% | $ 25,320 | $ 21,830 | 13.8% | |
8 | Buick LaCrosse | 58.9% | $ 27,990 | $ 25,732 | 8.1% | |
9 | Lincoln MKZ | 53.8% | $ 35,520 | $ 32,232 | 9.3% | |
10 | Toyota Avalon | 53.7% | $ 33,955 | $ 31,362 | 7.6% | |
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*Average paid is the estimated average transaction price of a vehicle after incentives.
** Percent Discount from MSRP is rounded to the nearest tenth
TrueCar.com's Best Local Price tool, provides shoppers the Lowest Certified Price, a "no-haggle" upfront price from nearly 5,000 participating dealers.
About TrueCar, Inc.
TrueCar Inc. is an automotive solutions provider focused on changing how cars are sold by providing a significantly better customer experience while helping qualified dealer partners to gain incremental market share and reduce costs. TrueCar.com is a transparent, visual publisher of new car transaction data. TrueCar.com price reports help both dealers and consumers to agree on the parameters of a fair deal by providing an accurate, comprehensive and simple understanding of what others actually paid for the identically equipped new car over the last 30 days both locally and nationally. TrueCar, Inc. works with a national network of nearly 5,000 Certified Dealers that provide up-front, no-haggle, competitive pricing to assist some of the nation's largest and most well respected membership and service organizations to meet the auto buying needs of their members and customers. These partnerships include American Express, AAA, USAA and more than 60 others. Collectively these audiences represent over 1M in-market customers each month. TrueCar, Inc. is headquartered in Santa Monica, CA and has offices in San Francisco. The company was founded in 2005 and has been profitable since 2009. With nearly 200 percent year-over-year growth TrueCar has driven over 300,000 sales and is developing a suite of transaction oriented products and services centered on transparency and radical clarity as a result of comprehensively analyzing market data and information.
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