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Car buyer getting younger: JD Power
Our Bureau
New Delhi
,
Feb. 26
WITH a deluge of easy finance schemes , the Indian car buyer is only getting younger, particularly in the bigger cities.
According to a study by JD Power, the percentage of car buyers below the age of 25 has gone up from 9 per cent in 1999 to 12 per cent in 2003. Further, the percentage of car buyers between the age group of 25 and 30 years has gone from 17 per cent to 28 per cent between 1999 and 2003.
While, the percentage of car buyers between the age group of 31 and 40 has remained stable at 31 per cent, the percentage of car buyers above the age of 40 has declined. According to the study, for the age group of 41-50 years, the percentage of car buyers has gone down from 27 per cent to 18 per cent.
Of course, the reason lies in the ease with which one is able to purchase a car.
The survey shows that while in 1999, about 63 per cent of the cars sold were financed, the figure stood at 82 per cent in 2003.
The growing number of youth opting for cars has resulted in an overall shift in preference towards higher engine capacities as well as more luxury features.
The survey points out that while 55 per cent of the cars in 1999 had air conditioning, the figure stood at 81 per cent in 2003. Similarly, cars with power steering have increased from 17 per cent to 62 per cent in the period.
Meanwhile, word-of-the-mouth continues to be among the major influencing factors while going in for a new car. The JD Power survey shows that 68 per cent of the buyers in 1999 and 67 per cent buyers in 2003 considered friends/relatives to be among the main sources of information. Radio/television ads as influencers have risen in the ranks from 24 per cent to 34 per cent in the period.
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