"Kids, Grandpa and Grandma Got a New Car"... 6070 Generation Buying More Cars Than People in Their 30s

'Big Spenders in Cars' Emerging Among 6070 Generation
New Car Registrations for 60s Up 77% Compared to 2014
Declining Trend for 30s and 40s

This year, the number of new car registrations among people in their 60s and 70s has surpassed that of people in their 30s. This appears to be because, while younger generations have delayed purchasing vehicles due to population decline and employment difficulties, the elderly often buy commercial vehicles for small-scale startups even after retirement.

According to data on new car registrations by age group over the past 10 years from Kaizyu Data Research Institute, from January to November this year, the number of new passenger car registrations among those in their 60s and 70s was 220,495, exceeding the 195,182 new car registrations among people in their 30s. Considering that the average monthly new car registrations for people in their 30s this year was 17,743, even adding December's figures is unlikely to surpass the record set by those in their 60s and 70s.

This is the first time in the past 10 years that the number of new car registrations among people in their 60s and 70s has exceeded that of those in their 30s. In 2014, people in their 30s registered 292,318 new cars, more than double the 133,723 registrations by those in their 60s and 70s. However, the gap has gradually narrowed, and this year the 60s and 70s have caught up.

Looking at the yearly trend, while the number of new vehicle registrations has decreased or stagnated in most age groups over the past decade, those in their 60s and 70s have shown a strong upward trend, emerging as major players in the automobile market.

If this trend continues, new car registrations among those in their 60s and 70s are expected to soon surpass those of people in their 40s. From January to November this year, new car registrations among people in their 40s totaled 239,823, only 15,728 more than those in their 60s and 70s.

[Image source=Pixabay]

In particular, the age group with the most notable increase over the past 10 years was those in their 60s. New car registrations among people in their 60s rose from 101,501 in 2014 to 161,261 last year, a 59% increase. This year (January to November), they have already surpassed last year's figures with 180,522 registrations, showing a 77% increase compared to 2014 even without counting December.

Although there were some fluctuations among those in their 70s, the overall trend was upward. Registrations increased from 32,222 in 2014 to 39,144 last year, a 21% rise. As of November this year (43,573 registrations), it is estimated to have increased by 35%.

On the other hand, new car registrations among people in their 30s and 40s have been on a downward trend. Although registrations surged in 2020 due to strengthened social distancing during the COVID-19 pandemic, excluding that year, the numbers have steadily declined. This year, people in their 30s and 40s registered 195,182 and 239,823 new cars respectively. Adding December's figures may show a slight rebound compared to last year.

Meanwhile, the surge in car purchases among those aged 60 and above, who have emerged as major players in the automobile market, has been concentrated on domestic commercial vehicles such as the Porter and Bongo. The most purchased domestic cars by drivers in their 60s last year were Hyundai Porter (11,140 units), Hyundai Grandeur (10,380 units), Kia Bongo (5,797 units), Kia Sorento (5,209 units), and Hyundai Tucson (5,181 units), in that order.

The purchase ranking by car model for drivers in their 70s showed a similar pattern: Porter (2,554 units), Grandeur (2,294 units), Bongo (1,383 units), Hyundai Avante (1,190 units), and Genesis G80 (954 units).