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Posts Tagged ‘gen y car buying’

Millennial Car Buyers Favor Practical, Rather Than Luxury

Used cars dominate their buying decisions.

by on Jan.31, 2017

Millennial buyers are largely focused on affordable, practical used vehicles.

Young Americans continue to put off learning to drive and then buying a car, according to a raft of recent surveys, though some of the research indicates Millennials are simply delaying, rather than abandoning, the traditionally American goal of getting wheels.

Once they do, they seem to be opting for practicality, according to one of those new studies, research by marketing platform Crowdtap suggesting that budget-minded Millennials are putting a low priority on luxury and status vehicles.

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Not surprisingly, the Crowdtap study also finds that these Gen-Y buyers are more likely than American auto buyers, on the whole, to purchase previously-owned vehicles, rather than new. About 86% of those included in the survey went for something used.


New Study Challenges Conventional Wisdom About Millennial Motorists

Young drivers are “passionate” about driving after all.

by on Jan.27, 2014

Conventional wisdom says they prefer smartphones but a new study finds Millennials are also "passionate" about their cars.

A new study challenges the conventional wisdom that younger buyers just aren’t all that interested in buying a new vehicle.

They are surprisingly “passionate” about cars – but to get those under 25 into their showrooms, makers must deliver vehicles that stand out from the crowd, contends a study by J.D. Power and Associates.

“This age group really is passionate about vehicle ownership,” says Arianne Walker, senior director, automotive media & marketing at J.D. Power.   “Not only do they enjoy driving but they also see their vehicle as a reflection of their identity.”

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The survey’s findings stand in sharp contrast to what has become conventional wisdom in recent years: that Millennials are more interested in smartphones and other digital technologies than they are in cars.  Another recent study by the University of Michigan Transportation Research Institute found that young buyers are a key reason why there’s been a sharp rise in the number of carless households in the U.S. in recent years.


Gen-Y May Be Ready to Buy Cars After All

They just don’t have the money, cautions new study.

by on Jan.17, 2014

A new study says Millennials may just want to own cars after all.

It’s become gospel that Gen-Y buyers simply don’t care about cars, that they’re happy to live at home with their parents simply tweeting and texting to friends. But a new study counters that Millennials would be quite happy to get new wheels – if they could afford them.

Though they may not have the emotional attachment to the automobile of prior generations, the report by Deloitte LLP argues that an overwhelming majority of those from Gen-Y still want to own a vehicle.  Only one in 10 told surveyors that they don’t ever plan to lease or buy one.

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“This is good news for carmakers, who already offer — or are bringing to market — many of the features Gen Y consumers most want in a vehicle,” said Masa Hasegawa, one of the principal researchers.


Millennials Want Hybrids – But May Not Buy Them

Challenges targeting newest generation of buyers.

by on Jan.20, 2012

Chevrolet is testing the interest of Millennial buyers in a pair of concepts, including the Tru 140S.

There’s a big gap between what people say they want and what they’ll actually spend their money on, as automakers are well aware of.  So, the industry is taking a cautious view of a new study by consulting firm Deloitte that finds six of 10 Millennials would like to buy a hybrid or electric vehicles rather than a conventionally powered car, truck or crossover.

That would suggest that manufacturers are positioning themselves well for the wave of young buyers just now entering the market – also known as Gen-Y, the Millennials comprise a cohort of almost 80 million Americans, a group even bigger than the vaunted Baby Boomers that reshaped America over the last half century or so.  Virtually every maker on the market is now offering at least one gas-electric model in its line-up, with an assortment of conventional hybrids, plug-ins and pure battery-electric vehicles, or BEVs, to follow.

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But young drivers aren’t the only ones who say they want to go with the latest, battery-based green technologies.  Some other recent surveys have found that even older Americans routinely say they plan to “consider” a hybrid next time they shop for a new car.  It’s just that those battery-based vehicles usually don’t make the cut, in the end.  Last year, hybrids actually slipped as a percentage of the overall U.S. market to barely 2%.  Total sales of all battery-based vehicles barely matched demand for the Honda Accord.