Study: 33% Of Millennials Will Buy/Lease A Car Within 6 Months

Millennials are the next generation and one that requires a whole new marketing strategy. But do they want to buy cars? How then did the stigma get created which indicates this generation isn’t interested in purchasing vehicles? A recent study by MTV seeks to dispel that and other myths associated with millennial car buying habits.

The study consisted of 3,610 millennials, 400 from Generation X and 403 from the baby boomer generation.

The MTV study found that millennials get around using a car 80 percent of the time verses any other form of transportation. It also found this group drives more miles than previous generations. On average millennials drive 934 miles per month compared to 730 miles for Generation X and 544 miles for baby boomers. The study also found that 75 percent millennials would rather give up social media for a day than their car, with 72 percent saying that they would sooner give up texting for a week than their automobile.

The study also found millennials see the importance of having a vehicle. Eighty percent of those polled felt that a car is a “big ticket” item that people from their age group purchase. Sixty percent of those surveyed would rather buy a car than lease one and 33 percent of the 3,610 millennials in the survey said that they plan to buy or lease a new car within the next six months. This group also feels that vehicles say a lot about your image. Seventy-three percent of millennials surveyed said that your car reflects who you are and 63 percent said that their car helps them become who they want to be.

Another findings of the study is 83 percent of those polled wish that car brands would explain more about how vehicle prices are set. One very telling stat is 80 percent of millennials think the car buying/leasing process should be shorter than it is now. What do you do differently when working with millennials? How do you market to this group of people? Are you seeing any trends with millennial buyers at your store?