Millennial are a unique bunch! They are bringing new changes in most things that they do. And each one appears to be coming with an opinion. The millennial are also termed Generation Y and comprise the most significant section of the population in the United States. Owing to their volume and immense diversity, they are making much noise. Today, almost everyone is keen to know how millennial will impact business, politics, the economy, and business.
Naturally, watching how they will impact the car industry becomes interesting. The millennial and the car-buying trend appear to be a rather exciting association. Based on the data, there are slightly conflicting views. Some people feel that will hurt the American car industry. On the other hand, another section feels that they will only strengthen it.
And today, it is instead to assume how millennial plan to buy a car. If you belong to this generation and want to purchase your dream car, you can check out Conklin Chevrolet Newton.
Are the millennial purchasing more cars?
The millennial today have an increasing purchasing power and spend close to $200 billion annually. Hence, it is interesting to know their purchasing patterns, the way to impact their decisions, and what they are purchasing. Even though a few studies have highlighted that millennial want to spend their cash on experiences instead of personal belongings, cars appear to be an exception. And despite being late in purchasing a vehicle because of the Great Recession, they joined the trend and are compensating.
The millennial have occupied a considerable chunk of the car-purchasing market since 2010. And in 2013, they also represented about 28% of the market; the count was 40% in 2020. Today, they are the most significant section of the car purchasing market. One of the reasons for which they are purchasing an increasing number of cars is because of where they are staying. That means the vehicle must move from one place to the other.
The approach toward car ownership is changing
The way the millennial view car ownership has moved for a long time. Today, having a car is not a status symbol anymore. It could be that they are purchasing more vehicles online that don’t indicate that they see it like other generations. The millennial are buying cars as a necessity instead of a desire. And today, almost 43% of millennial consider owning a vehicle as accountability because they need to care for it.
Purchasing a car for this generation is about traveling from one place to another. The fact that it highlights your social status is a passé. Our earlier age might look upon a car as a sign of luxury. But the millennial use it as they feel like it.
The millennial are still buying cars, but not in the traditional ways. Today, they are taking advantage of the available online car dealerships and are making a choice based on the deals and the benefits they get. Go ahead and check out these dealerships today!