Baby boomers in the U.S. are starting to outgrow their midlife crisis years, and that’s bad news for automakers who want to sell sports cars. It was a sign of things to come this month when Ford Motor Co. idled its Mustang plant for a week as sales for the year fell 9 percent. Other sports cars have faded at a similar rate, and even stalwarts like the Chevrolet Corvette and most Porsche models are slumping. While there are still plenty of buyers who love the passing lane, automakers face a pesky reality. Men born between 1946 and 1964, who buy most sports cars, are cruising past their peak spending years. And as age 70 beckons, folding up like an accordion to get into the front seat of a speedy roadster is hardly the prescription for an aching back. Some are even turning to high-powered versions of luxury SUVs. The generational handoff won’t help sports cars much either, Noble said, because there are fewer Generation Xers, or those about 35 to 50 years old. And the boomer children -- the millennial generation -- aren’t yet earning enough money to buy Mustangs, which start at $24,915, let alone a Corvette Z06 that can sell for more than $100,000, Noble said. Ford will probably sell more than 100,000 Mustangs this year, but through July about 25 percent have gone to car-rental agencies and other corporate fleets, according to IHS Markit, which tracks vehicle registrations. Even with that many cars going to fleet buyers, sales are off. This year, about 40 percent of Mustang buyers were baby boomers, down from 50 percent in 2013. The good news is that consumers in their 20s and 30s now make up 22 percent of Mustang buyers, compared with 15 percent three years ago, said Mark Schaller, marketing manager for the Mustang. But the buyer pool has shrunk. (Automotive News) |