Millennials: The Change in Car Buying Process

Online Car Buying Process

Millennial car buying is an amalgamation value-conscious mindsets, tech skills and new brands. Individuals who were born between the years of 1980 and 2000 live differently in comparison to older generations. Millennials, tech-savvy kids who came into existence in the digital age, were brought up with a firm grip on their individuality and practical thinking skills. They want a car that not only functions well, but also appears beautiful in an urban setting, and with student debt at an all-time high, they are always looking for affordable offers.

Eco-friendly with advanced technology features are just some of the key constituents that seem to be necessities of the millennial car buying culture, and it’s no longer just about getting from A to B – it’s about character, fuel efficacy and performance on the road. So where does it all start?

  • 1. Research

    Unlike the earlier generations that performed most of their research at the dealership, millennials use their tech skills to do heavy research online. The aesthetic and functionality of a dealership’s website is key when it comes to pleasing millennials, and research shows that they spend approximately 17.6 hours online before they even step foot on the lot. Going through reviews, educating themselves on the logistics of the car and having the freedom, time and space to make the right decision without any pressure starts online and is important to them.

  • 2. Word of Mouth

    This pre-car buying tactic is excessively used by millennials and for good reason. Word of mouth, both online and from peers and family, is typically the initial introduction of cars to millennials, and although reports show that this generation is in no rush to buy a car right now, 80 per cent of millennials say that they will be car owners within the next five years. Before millennials go to a dealership they want to have already touched, tested and have their questions answered about the car they’re about to buy.

  • 3. Aesthetic

    Millenials who are image-conscious are more likely to purchase a vehicle that reflects their personality. They opt for smaller cars that are low in price and easy to operate. Digital features in new car models are extremely important for the millennial car buyer: mobile connectivity, navigational systems and safety technology are significant elements that previous generations wouldn’t prioritize. Millennials desire luxury and efficiency when it comes to car buying, and they’re willing to pay more for products that speaks of their image.

    Millennials, who range between the ages of 18-34 years old, spend roughly four full days a month online and have the highest engagement on social media in comparison to any other generation. They want and need a car that is going to stand out. They want to invest in a specific brand of car that is going to be affordable, technologically advanced, have an aesthetic that’s going to capture their individuality, and deliver high-performance when it comes to value and efficiency.

If you are a millennial who has experienced or desired all the above determinants in the car buying process, visit Canada Auto Experts to top your car financing up with good credit. Fill out our 2 minute online auto loan application or call 1-855-550-5565 to get approved today.

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