Repeat Purchasing of New Automobiles by Older Consumers: Empirical Evidence and Interpretations

Abstract

In a large empirical study, the authors find that older consumers, who constitute an important market segment, repurchase a brand more frequently when they buy a new car. Older consumers consider fewer brands, fewer dealers, and fewer models, and they choose long-established brands more often. To interpret the results, the authors rely on four age-related theoretical perspectives: biological aging, cognitive decline, socioemotional selectivity, and change aversion.