Tweens in Driver’s Seat for Big Purchases, Including Cars

As the parent of three young kids — ages eight, four, and two — I have become accustomed to not getting my way. When it comes to TV shows, we watch the Disney Channel significantly more than we watch ESPN. When it comes to dining out, those days of sitting at the bar and enjoying a cocktail while waiting for a table are now spent standing in line and making sure that we get meals with two boy prizes and one girl prize. And do not get me started on bed times, listening to the radio, and homework. 

It appears as though I should also start including them on my next car loan and other big financial purchases. 

A recent study indicated that one in three tweens (kids between the ages of seven and 13) are “extremely influential” on household purchases big and small, ranging from what movie to see (been there, done that) to family vacations and technology purchases. More than 25% of those tweens surveyed have shopped online during the past year, and 59% want a customized product over one available to the mass market.

Auto lenders should take notes, given that these kids are likely to be with their parents when those parents visit dealerships or start surfing around online for new cars or car loans. Kids armed with iPods or smartphones are also able to do their own research and find out information that mom and dad might not be able to find.

Lenders should also pay attention to this market because they are the next generation of car buyers. And if tweens today are acting this independently and entrepreneurially, then that trend is only likely to strengthen as they get older and become potential car-buyers.

The consultancy that released the report recommended that companies should start building a relationship with tweens now, “even if what they’re selling doesn’t seem imminently useful to kids. Earning their trust now will have sticking power when these young individuals enter adulthood.”

Want more advice for reaching this market? Make sure you are innovative and digitally evolving, make them feel secure, and appeal to their optimistic nature. 

We’ve written a lot about the importance of appealing to younger car buyers. Maybe lenders should start aiming their sights even younger.