The next generation of potential auto buyers may not be quite ready yet, according to one study.
Young consumers ― the so-called “millennial” generation we hear about so frequently in news reports ― want to buy cars, but simply can’t afford them, according to the Strategic Vision New Vehicle Experience Study.
The study includes pointers on how to market cars to these consumers, such as highlighting versatility and customization, as well as a focus on value.
Though the survey doesn’t get deep into financing, it’s likely a big part of the reason young consumers don’t want to buy new cars. Many are already strapped with potentially crushing student loan debt, and some face the prospect of more debt for graduate school.
Is there anything lenders could do to make car financing easier for young consumers, like giving preferable rates to people paying back student loans at the same bank?
