Boomers, Recovering Economy Spark Car-Buying Boom as Portland Auto Show Opens

FOR IMMEDIATE RELEASE

Feb. 3, 2014

CONTACT:
Lynn Heider
503.350.2225
503.358.0773 (mobile)

Boomers, Recovering Economy Spark Car-Buying Boom as Portland Auto Show Opens           

(Beaverton, Ore.) – Oregon’s credit unions are putting their members in the driver’s seat as the Portland International Auto Show prepares to showcase the automotive industry’s latest and greatest, Feb. 6-9, 2014. Credit Unions generally offer lower interest rates and friendlier loans than dealers or banks; a good opportunity considering that this particular auto show allows consumers to buy cars on the spot.

The Northwest Credit Union Association partnered with John Vincent, a credit union board member and renowned automotive journalist and photographer, to provide resources for media covering the auto show. In two available video clips, John takes the Kia Cadenza for a test drive, and gives buyers some sage advice to help them leverage the Auto Show Experience. Vincent’s photographs may also be used by media. Download the resources here.

Here are some interesting highlights from Vincent’s research:

  • There’s a buying boom underway. “The overall new-car market is expected to exceed 16 million vehicles in 2014 – the strongest sales performance since 2006,” said Vincent.
  • Who is the buyer? Not the young folks many dealerships have been courting. Data from Edumund.com finds that 40 percent of vehicles sold in 2012 were to buyers 55 and better. Sales to the 18-34 group declined 11.5 percent.
  • The buying demographic doesn’t dictate a shift in products for the manufacturer. “Many vehicles designed for youthful buyers also enjoyed surprising success selling to their parents – and grandparents,” Vincent said. “The Kia Soul is a great example.”
  • Customer demand and regulatory pressures are resulting in more “green” options for consumers. “From the pure electric, and fun to drive 2014 Chevrolet Spark EV to the ultra-luxury Lexus LS 600h L hybrid, the automakers are racing to burnish their lineups with a patina of green,” Vincent reports. “Here’s where joining a credit union helps you,” Vincent continued. “Most green models are in high demand and don’t qualify for low or no-interest financing from the dealers. So, financing through a local credit union will likely land you a better rate.”

Analysis comparing new car loan rates at banks and credit unions found Oregon credit union members collectively saving over $20 million in interest payments vs. what bank customers would have been charged, during the 12 months ending September 2013. The Auto Show offers consumers a one-stop opportunity to see numerous makes and models, and their credit unions will help them save money.

John Vincent can be reached for further quotes or information at: jmvinc@comcast.net or 503.784.2848.

The Northwest Credit Union Association is the not-for-profit trade association serving over 150 of Oregon and Washington’s credit unions and their 4.5 million members. The NWCUA is the voice of the Northwest credit union movement, providing legislative, regulatory and public advocacy in addition to education, compliance, networking support and business solutions to its members. For information on how to join a credit union, please visit http://www.asmarterchoice.org.

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