Millennials Are Buying More Cars Than Ever, And They Prefer Import Brands Over Domestic
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Maybe this will shock some, but millennials are not a bunch of broke youngsters. And they also like cars and still drive them, too, even with larger amounts of debt and new car sharing services tempting the generation away from a traditional ownership model.
Millennials bought a whopping 4.1 million vehicles last year and the generation is starting to close in on baby boomers as the largest collective group of car buyers. Currently, 29 percent of new car buyers are millennials, while boomers make up 36 percent. That figure isn’t slowing down, though, and millennials are expected to surpass boomers in 2020 by making up 40 percent of car buyers.
Automotive News reports outlooks are good for import brands when it comes to what millennials prefer. Data showed the internet generation preferred Toyota and Honda most of any car brand, making up 19 and 15 percent of millennial sales. Chevrolet did not make the top three, with Ford rounding out the third spot at 14 percent of millennial sales.
What does this trend mean for the future? Expect connected cars to become even more engrossed in technology to appeal to a younger generation of buyers. But, if a new car is out of the budget, millennials sure do love the Pontiac Aztek, for some reason …
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The best way to become the chosen brand is to ask the buyers why they chose the number one brand. Then you proceed to make yours better in every way. It may take a little time but Think it will be worth it. But thats just me.Not sure if GM thinks that way.
The key words here are “even with larger amounts of debt”. That’s what the millennial generation has been thought by the last administration. Go and pursue ‘your dreams’ at any cost because you will never be held accountable for anything.
It should also be noted that there is a record number of delinquent loans out there. I think we can all guess who they belong to.
Your tone towards millennials is disappointing. In fact, it bothers me. We’ve seen and learned that it’s safer to invest in a new car before buying a junk car, so that we can pursue our careers and pay off this ‘larger amount of debts’, instead of paying the equivalent of a new car payment fixing an old car. Keep your nasty comments to yourself.
Snowflake,
Your feelings are the last thing I worry about. There should be consequences for actions that cause distraction. Plain and simple. Time to run wild has come to the end. By thinking that buying a car is an ‘investment’ is what’s wrong with millennials and people like yourself in the first place.
Wait, Millennials are debt-crazed import lovers? Have you looked in their parents’ garages and taken a peek at their credit card statements? How about how their parents and grandparents have managed our country, our factories, and raised said Millienials?
It’s easy to blame people that are different than us, and previous administrations apparently, but the state of the world–just like the state of the domestic auto industry–is largely our own doing.
The sooner we stop placing labels on people the better too. I don’t even know what the heck generation I’m supposed to belong to, nor do I even care.
This is why I’ve been saying limited Vauxhall imports have potential for GM. Providing they are reliable and reasonably affordable.
Not too surprising. Saying, “Put America first!” is a racist statement according to many folks these days.
If you read the whole story it’s only one source who said millennials are buying more import then over domestic, I wonder just how true that is?
It makes me so mad that many car companies (especially GM) are changing their cars top fit the “new generation”, they think that all millennials are the same. I am a millennial, and I absolutely HATE most of the new car technology. Maybe, just maybe there are people out there who still enjoy things like turn-key ignition, an actual, physical gear selector (not some electronic POS), or analogue gauges. It really pisses me off that when I want to buy a new car in the future, it will have to be some computerized, robot that takes all the fun out of driving and requires me to sell a kidney when a sensor breaks.
Don’t get me wrong, I’m not some young derelict hippy living in his parents basement (actually I’m more of a baby boomer at heart), but I want cars to be fun to drive, and not cost millions of dollars to repair. IMO some of the best cars were made between 1985 and 2010, after they started putting some technology and creature comforts in cars, but before they turned them into boring, computerized robots.
You are a treasure but you also are a rarity.
I wish more thought as you but marketing moves to were the majority is.
Don’t change no matter how hard it gets.
Millennial here. I prefer the sharp look of a digistal cluster but like the classic ignition switch and gear selector. Not a fan of stop/start at a red light. Thank god JDN will be keeping a steering wheels in autonomous Caddys
Here is the deal most people are buying new cars due to the fact good used cars are getting tougher to find and many are expensive.
Second many younger buyers are buying what Mom and Dad drove.
Too often used cars today if affordable need work many young people can not due anymore and the expense of $100 per per hour labor. Yeas ago many worked at gas station or knew some who did. Today most can not afford the scanner just to read the code let alone afford the replacement parts.
Today also cars with the young are generally just a way to get to work. Years ago they were a status symbol and were used in social gatherings. Today most do their socializing on line.
It is just a different culture today.
Add to this few can afford a performance car new or used let alone the insurance even if the can afford the car,
The fact is each generation today and those to come will need transportation and transportation they can afford and it is up to the mfgs to find ways to sell it to them.
GM can build the best cars on the market but still they have to earn the trust of the customer and that takes time and affordable cars.
As for bringing imports in from other GM brands that is not going to work either. First it is a unknown unproven model also one you would have to remarked and set up a dealer system to deal with it. GM has already tried this how many times and failed already. Opel, Catera and even Vauxhall in Canada.
I hear you. I sold my first used car for $600 AFTER I had fixed it up. I don’t know how long the body held together, but the motor was still as strong as ever when I sold it. Today, $600 won’t buy most people a set of tires let alone a reliable used car. (And I’m not that old.) It sucks.
Sucks too that those old Camaros, Firebirds ,Chevelles, etc. that could once be picked up for little or no money are being sold for more than a lot of houses go for these days.
The huge rebates, which have become the norm, make new cars all too attractive when places like Car Max (and the new car places that deal in used cars) are driving up the prices of used cars.
You’re right too about brands. I would almost like to see GM start some new ones, but it takes huge resources to start a new one, and it’s pointless if they can’t offer anything unique. The payoff would be a long time coming–and most execs are only concerned about the present.
Yes, it’s a fact Texas, Alabama, and Tennessee knows how to build them “imports” better than the UAW swine builds “American” cars but as I remember Lee Majors didn’t jump a Tundra.
Why does this come as no surprise when their parent were already loyal “import” buyers.
… and America was reliably building unreliable garbage.
And still sort of is outside of Buick.