Millennials, it seems, will continue to be the toughest sell in the auto industry, according a new study focusing on generational shopping habits released by Cars.com.
Cars.com commissioned Placed, Inc. to research millennials’ priorities as they begin the car-buying process, and found that 65% of shoppers ages 18 to 34 use a smartphone to conduct research before they visit a dealership.
Internal data collected by Cars.com showed that approximately 70% of shoppers in the 21-to-24 year-old range, most associated with recent college graduates, said that they would prefer to spend under $20,000 for a car.
“As recent graduates begin their careers and consider purchasing a new car, the majority will focus on affordability first and foremost,” said Jesse Toprak, chief analyst for Cars.com, in a press release. “Retailers would be wise to take note and prepare to work with this well-informed, tech-savvy group of car buyers.”
According to Car.com, millennials are more likely than shoppers 35 years and over to perform a wider variety of research before visiting a dealership, and are also more likely to visit additional dealerships.
Cars.com launched in 1998 to help consumers in the car-buying process.
