SCHAUMBURG, Ill. – Experian Automotive has reported that the percentage of older vehicles on the road has reached its highest level since 2009. According to Experian Automotive’s most recent Automotive Market Trends analysis, vehicles pre-dating the 2001 model year made up more than 28.3 percent of all vehicles on the road during the first quarter of 2014, up from 22.1 percent six years earlier.
"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. "While the growth in early model vehicles on the road is slowing, getting the most out of the vehicle they purchase still appears to be top of mind for consumers."
During the first quarter of 2014, the top model year 2000 and older vehicle makes and models are the Ford F-150, Chevrolet Silverado 1500, Honda Accord, Toyota Camry, Ford Ranger and Honda Civic.
Additional data from the analysis shows that consumers were purchasing entry-level crossover utility vehicles (CUV) 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 (the only two segments to achieve this title in the past 10 years were full-size pickups and small economy cars).
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.
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.
Other findings include:
•The total number of vehicles on the road remained unchanged (247.4 million) in Q1 2014 compared to the previous year
•Alternative-power vehicles made up nearly 1.3 percent of all vehicles on the road in Q1 2014
•On average, 6.5 percent of all vehicles between model years 2011 and 2014 have a turbocharged/supercharged engine, compared to 3.4 percent of all vehicles between model years 2000 and 2010
•In the first quarter of 2014, new vehicles accounted for 27 percent of all registrations, remaining flat from last year
•Imports made up more than 52 percent of all new vehicle registrations in Q1 2014, up from 51.8 percent the previous year
•In Q1 2014, the top five manufacturers for new registrations were General Motors, Ford, Toyota, Chrysler and Nissan
Experian will share the complete findings from the Q1 2014 Automotive Market Trends analysis in a webinar taking place at 11 a.m. Pacific time/1 p.m. Central time/2 p.m. Eastern time on June 19. To register for the webinar, visit http://bit.ly/1l5A9U4.
