Millennials: The Best Car-Shopping Generation?

A new study by Edmunds.com focused on car shopping for millennials. A growing adage has been that this group isn’t interested in buying cars as much as their parents, however, new research points to a different conclusion. The results of this study consisted of 2500 total adults, including at least 1000 millennials. Seventy-three percent of millennials reportedly feel they are savvier car buyers than their parents. Of those surveyed, more than 50 percent reported that they advise friends and family on the car buying process. Specifically, millennials are better at using mobile devices to conduct pre-purchase research than their parents.

According to this Edmunds research, 41 percent of millennials read vehicle reviews compared with 21 percent of non-millennials adults. Millennials also use their mobile device to search for cars for sale (34 percent) verses 20 percent of other adults. Similar stats appear as far as vehicle pricing as 33 percent of millennials do so, while 21 percent of non-millennials adults do so. A telling stat on this issue is that 80 percent millennials reportedly use their vehicles for at least one car-shopping task, compared with 46 percent of non-millennial adults who do so.

Speaking in a press release on this issue is Edmunds.com CEO Avi Steinlauf. He said in a statement, “millennials today are informed car buyers, “They’re making the most out of the volume of information available at their fingertips, and it’s helping them to make a smarter car purchase. And since a smart car buyer is a quality car buyer, it all points to an optimistic and healthy future for the auto industry.”

Other important findings from the report include the focus on used cars and the open-minded approach by millennials to new technology. Seventy-eight percent of all car purchases last year by millennials were for used cars, compared with 68 percent for adults over the age of 35. Seventy-two percent of millennials also reportedly have considered buying an electric or hybrid vehicle. An even more eye opening is that 66 percent of millennials have reported that they would be interested in purchasing a self-driving car once they become available.

Millennials are also interested in contact with a dealership though their mobile device. A reported 70 percent of millennials said that they contacted a dealer using a text message during the car shopping process. This survey seems to place even more of an onus on dealers to not only effectively market to, but also communicate effectively with this millennial generation.

What do you make of this study? Are millennials a group that just needs retailers to cater to them or will they wind up more interested in alternatives to traditional car ownership? If they just need the right marketing technique, what do you do at your store to market to and communicate with this sought-after group?