June 23, 2003 (The Editor’s Desk is updated each business day.)

Vehicle acquisition by age

Of those acquiring vehicles in 1999 and 2000, 28 percent were in the 35-to 44-year-old age bracket, although that group made up just 22 percent of the population.

[Chart data—TXT]

The 25- to 34-year-old age group accounted for just under a quarter of acquisitions; this group comprised 18 percent of the general population. The 45 to 54 age group also made close to a quarter of all vehicle acquisitions while accounting for 20 percent of the population. 

The 55 to 64 age group and the under 25 group were the only ones for which the acquisition percentage was very close to the population percentage.

The 65- to 74-year old age bracket accounted for 6 percent of vehicle acquisitions, while they were 11 percent of the population. The oldest group (75 and over) acquired the fewest vehicles, with only 3 percent of acquisitions, much less than their share of the population.

The Consumer Expenditure Survey is the source of these data. Find out more in "Consumer expenditures for selected items, 1999 and 2000," Monthly Labor Review, May 2003. “Vehicle acquisition” refers to someone leasing a vehicle or purchasing a new or used vehicle. Age refers to the age of the reference person, the first person mentioned by the survey respondent when asked to “Start with the name of the person or one of the persons who owns or rents the home.” 

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