EV Buyers Tend to Be Young and Male
J.D Power study finds millennial men lead the segment, with Gen X close behind.
The average electric-vehicle buyer credit score has fallen as more mass-market buyers purchase electrified models.
IMAGE: Pixabay/stux
Millennial men are the leading buyers of electric vehicles, according to J.D. Power data gathered for 2022.
The younger generation, and male buyers in particular, are the leading consumer segment in the growing EV corner of the auto market. Just about 29% of EV buyers are women, compared to 40% for all vehicle purchases.
The statistics exclude Tesla numbers.
Generation X is behind millennials as the second-biggest EV-buying population, the data found.
EV buyers skew toward the more well-to-do, since the average model is more expensive. But more purchases are closing among mass-market buyers. The average EV buyer credit score fell from 800 in 2019 to 788 last year, J.D. Power found.
DIG DEEPER: 5 Automakers Handled Half of All EV Sales in 2022
Originally posted on Auto Dealer Today
More F&I
Four-Figure Loan Payments on the Rise
A LendingTree analysis found that location, age and credit score play a role in the rising amount of auto loan borrowers who make monthly payments of $1,000 or more.
Read More →
APCO Holdings Acquires Fidelity Dealer Services
The finance-and-insurance product provider says the addition strengthens EasyCare’s reach across key markets.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
Ensure Your Clients Are Sure About Reinsurance
Industry experts recently broke down the complicated profit center at Agent Summit. Learn what’s relevant and what’s new to share with your dealers.
Read More →
Car Loans More Plentiful
May access opens up, as risk segments figured largely in the increased availability, Cox Automotive reported.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →
New-Vehicle Financing Hits Record
Consumers are seeking ways to make financing new-vehicle purchases manageable, from extended loan terms to smaller down payments, according to Edmunds.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →