Drivers Sticking with Older Cars: Experian
Vehicles predating the 2001 model year made up more than 28.3% of all vehicles on the road during the first quarter of 2014, which was the highest percentage since 2009.
According to Experian Automotive’s most recent Automotive Market Trends analysis, the top model year 2000 and older vehicle makes and models were the Ford F-150, Chevrolet Silverado 1500, Honda Accord, Toyota Camry, Ford Ranger and Honda Civic.
“Auto companies have been seeing the benefits from consumers coming back to market due to pent up demand following the recession. However, it’s clear that more and more consumers continue to drive older-model vehicles,” said Melinda Zabritski, Experian Automotive’s senior director of automotive credit.
Additional data from Experian showed that consumers were purchasing entry-level crossover utility vehicles more than any other vehicle segment.
During the first quarter of 2014, the entry-level CUV segment surpassed full-size pickup trucks as the top vehicle segment among new registrations. This marks the first time in 10 years that a CUV was the top registered vehicle segment, according to Experian.
The only two segments to achieve this title in the last 10 years were full-size pickups and small economy cars, the data revealed.
From a make-and-model perspective, the top five CUVs registered during the quarter were the Ford Escape, Honda CR-V, Chevrolet Equinox, Toyota RAV4 and Nissan Rogue.
Meanwhile, the top five new vehicle models registered across all segments in Q1 2014 were the Ford F-150, Toyota Camry, Nissan Altima, Chevrolet Silverado 1500 and the Honda Accord.
Regionally, the F-150 was the top new vehicle model in the Western, Midwest and South regions, while the Honda CR-V was the top model in the Northeast region.