Study finds older drivers most likely to buy a new vehicle

It may not be what automakers want to hear, but older drivers are the most likely age group to buy their new vehicles.

According to a new study by the University of Michigan – which used data from 2007 and 2011 -- drivers in the 55 to 64 age bracket were the most likely age group to purchase a new vehicle in 2011 . In comparison, drivers between 35 and 44 years-old had the highest probability of buying a new car in 2007.

Although car makers continue to market toward younger buyers, the study found that 18-24 year-olds were the least likely to buy a new car – just one vehicle was sold for every 221.8 drivers in the age group.

However, those statistics could change in the coming years. The recent recession hit the 35- to 44-year-old age group the hardest, while most 18-24 year olds delayed a vehicle purchase due to the recession. Now that the economy is starting to recover, the so-called millennials could jump back in the market.

"It's not so much they don't want cars. They have just had a delayed entry into the market because of the recession," Lacey Plache, chief economist for Edmunds.com, told Automotive News.

Supporting that theory, the 18-34 age group had the largest growth in share of sales from 2011 to 2012 with 10 percent. The 55-64 crowd, meanwhile, saw a 4 percent decrease during the same period.

Overall, the research found that one vehicle was sold for every 19.7 drivers in 2011.