Top 5 Car Brands Driven by Boomers in 2024

As you approach retirement or if you’ve already entered this stage of life, you might think that treating yourself to a luxury car is the way to go. While that works for some who can truly afford it, the reality is that many retirees need to be careful with their vehicle purchases, especially when you factor in other costs like gas, insurance, and maintenance.

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On average, Americans 65+ spends over $8,000 per year on transportation, which is around 14% of their total annual expenditures, according to the U.S. Bureau of Labor Statistics . That’s a lower share than younger Americans, but it’s still a sizable chunk that you might want to reexamine , especially if you find that other areas of your budget are tight.

As it stands, Boomers are most likely to buy a Ford F-Series pickup, according to an Insurify report . This truck has an average price of over $67,000, according to Cox Automotive . This is also the most popular model for Gen X, but it’s a more expensive option than the Honda Accord and Honda Civic, favored by Millennials and Gen Z respectively.

That said, many Boomers are still choosing relatively affordable car brands and models, such as with Toyota Camry and Toyota Corolla taking the second and third spots for most popular types of cars for Boomers.

Here, we’ll take a closer look at what the Insurify report found, along with average prices, according to a Cox Automotive report based on Kelley Blue Book data.

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1. Ford

Ford takes the top spot for the most popular car brands for Boomers, driven by 12.96% of this generation. At a state level, Ford also has the highest share of popularity for Boomers, with 20 states where it’s the most popular brand. Chevrolet has the highest share of states for all younger generations, where it’s the most popular.

In addition to the Ford F-Series pickup being the top choice for Boomers, the Ford Escape ranks seventh out of the most popular models for this generation.

However, Ford is the most expensive out of the top five car brands for Boomers. The average Ford sells for $55,932, which is around $7,500 more than the industry average.

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2. Toyota

The second most popular car brand for Boomers is Toyota, with a 12.26% share among this age group. As mentioned, the Camry and Corolla take the second and third spots for most popular models. However, Toyota only has the highest share of Boomer ownership in 10 states — some in the West and some in the East, but none in the center of the country.

On average, a Toyota vehicle costs $42,343, which comes in about 13% below the industry average, so it could be a good choice for Boomers looking for a more affordable option in retirement.

3. Chevrolet

Following closely behind Toyota, Chevrolet is the third-most owned brand by Boomers, with a 12.10% share. In terms of the most popular models, the Chevy Silverado takes the fifth spot, and the Equinox ranks ninth — just as they do for Gen X, although Gen X also has the Chevy Malibu rounding out the top 10, while Boomers do not.

At a state level, Chevy closely follows behind Ford, with Boomers favoring Chevy in 18 states, particularly in the Midwest.

In terms of cost, a Chevrolet runs an average of $47,633, which is just below the industry average of $48,401.

4. Nissan

Nissan ranks as the fourth most popular car brand for Boomers, owned by 9.59%. The Nissan Altima ranks as the sixth most popular model for Boomers, while the Rogue ranks eighth. Boomers are the only generation where the Rogue ranks in the top 10 models. However, Nissan is only the most common brand for Boomers in Connecticut and New Hampshire.

At an average price of $33,723, Nissan can be a great pick for cost-conscious retirees, considering that’s almost $15,000 less than the industry average.

5. Honda

Lastly, 7.56% of Boomers own a Honda, making it the fifth most popular brand for this generation. While the Honda Accord ranks fourth and the Honda CR-V ranks tenth most popular model for Boomers, Honda is not the most popular brand in any state for Boomers.

Still, Honda could also be a good option for Boomers trying to keep costs down in retirement, considering the average price is $37,314, which is more than $11,000 below the industry average.

This article originally appeared on GOBankingRates.com : Top 5 Car Brands Driven by Boomers in 2024