Auto-buying trends are changing thanks to the Baby Boomer generation according to a recent study conducted by the University of Michigan’s Transportation Research Institute. Research shows when it comes to purchasing a new vehicle, baby boomers may have an edge over the potential buying power of Generation Y. Aging vehicles and an increase in disposable income among Boomers make these findings a logical trend.
Several Factors Are Driving the Trend
Researchers concluded that individuals between the ages of 45 and 54 were among the leading consumers of new vehicles. This was due primarily to the number of licensed drivers. The second group of consumers likely to purchase a new vehicle included those between the ages of 55 and 64 years of age. As the average vehicle age on American roads increases, consumers seek to replace their vehicles with newer models. Baby Boomers who possess a more disposable income are looking to purchase new and used vehicles.
Credit Unions are Meeting Increased Loan Demand
Baby Boomers do not need to look any further than their local credit union when searching around for auto loans. Credit Unions are addressing and accommodating Boomers’ auto buying needs through special programs and discounts. They offer some of the best auto loan rates around which can make the vehicle-purchasing process a little less daunting.
Lower interest rates on auto loans are just one of the many perks of joining a credit union. Learn how to become a member and contact Valley Federal Credit Union’s main office in Brownsville at (956) 546-3108. We have branches in Harlingen, Los Fresnos and Raymondville as well to better serve the Rio Grande Valley.