Younger car buyers shifting to South Korean, American car brands


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Posted Online: March 22, 2013, 7:08 pm
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Detroit's automakers are doing better selling to young buyers, but South Korean car companies are making the biggest inroads in that segment, primarily at the expense of the Japanese.

That's the finding of a study of auto registrations by auto research firms R.L. Polk & Co. and Edmunds.com.

The U.S. automakers are doing better in the age 25-to-34 segment by offering "small, fuel-efficient and affordable cars that really appeal to a young set of buyers," said Jessica Caldwell, an analyst with Edmunds.com.

But she noted that domestic automakers are "chiseling away at the Japanese grip" while Hyundai and Kia, the South Korean brands, "are taking big hacks."

They are doing this by making cars attractive to young people and doing a good job of providing credit to youthful buyers who have not built up a solid credit history.

Polk said American brands had a 37 percent share of vehicles bought by Americans ages 25 to 34 last year. That's up from a little over 35 percent in 2008. The share of purchases by that age group for the Korean brands doubled to 10 percent during the same time period. Meanwhile, the share of Japanese brands dropped from nearly 51 percent to 43 percent.

Most of the lost share by the Japanese went to the Korean brands, according to Edmunds.com analysis.

















 



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  Today is Friday, April 18, the 108th day of 2014. There are 257 days left in the year.
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1889 -- 125 years ago: C.W. Hawes was appointed deputy county clerk by county clerk Donaldson.
1914 -- 100 years ago: Mrs. O.E. child, of Moline, was named president of the Women's Home Missionary Society of the Methodist Church Rock Island District of the Central Illinois conference.
1939 -- 75 years ago: Augustana College is making plans for a drive for funds to erect a field house and make football field improvements.
1964 -- 50 years ago: A expanded election coverage system featuring a 16-foot chalkboard showing up to the minute running totals, attracted a large and enthusiastic crowd to The Argus newsroom last night.
1989 -- 25 years ago: Balloons frame Rock Island attorney Stewart Winstein who was given a surprise party in the rotunda of the Rock Island County Courthouse on Thursday to honor his 50th year of practicing law.




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