From generation to generation things change. One change that has certainly been apparent in the automotive industry, is the first-time car buyer’s age. Millennials, also referred to as Global Generation, or Generation Next, have definitely been seen as a unique one. With all of the technology at the tips of their fingers, particularly smartphones, performing any task seems as easy as 1, 2, 3! Lately, Millennials have been drawn to car-sharing services for transportation; but eventually, they do buy.
It used to be that first-time car buyers were around 18, or 19 years old. Now, that age has gone up around 25. “Millennials are plagued with mounds of college debt while entering a fiercely competitive job market, making them less likely candidates for car ownership”, said Curtis Hamilton, a sales manager at Acura of Boston, as he explained that many first-time buyers are cost-conscious college graduates in their mid-20s. “Young buyers are thinking more efficiently; they’re thinking about downsizing costs.”
When it’s as easy as picking up their smartphone, and pulling up an app, like Zipcar or Car2Go to reserve a car for short-term use, or using the Uber app to send for a car and driver, many Millennials would just rather wait to make that purchase.