The Ford Mustang has been a popular choice for baby boomers and those wanting a sports car, however now it is being bypassed as the eldest of the boomers are now in their 70s and they are moving away from low slung sports vehicles to something easier to climb in and out of. Baby boomers are moving to SUVs offering high performance, from the like BMW and Mercedes. So is the Mustang going down?
The plant in Michigan that produces the Ford Mustang was idled so that they could catch up with the existing supplies and sales went down 32% during September when sales were compared to the same last year. It seems that baby boomers bought 40% of the Mustang sales while younger buyers picked up some of the rest.
Around 22% of sales of the Ford Mustang go to people in their 20s and 30s and 25% of sales in the first 7 months of this year were to corporate fleet sales.
It isn’t just the Ford Mustang that has felt the pinch, the Chevrolet Corvette and Camaro sales have been down 14% and 11%. GM said that retail sales of the Camaro went down by 1%. The car maker has been trying to gain the interest of younger buyers thanks to the I-4 2 litre turbocharged engine.
While they are trying to attract younger buyers to the Ford Mustang, there are less than the baby boomers. It isn’t thought that the sports car market is going away, but it is going to shrink. Millennial buyers simply don’t have the cash to spend on a sports car. The base version of the Mustang comes in, in the middle of $20,000 range.