When you set out to buy a car, which factors help you decide? Do you look for a specific make and model or do you focus on reliability and fuel economy? As the automotive industry continues to grow, what buyers are looking for is changing as well.
Millennials are the fastest growing generation and have the biggest impact on the automotive industry. Ranging from the birth years 1981 - 1996, there are an estimated 70+ million millennials making up this generation and are expected to pass the Baby Boomer generation this year.
According to a recent study by YPULSE, 52% of millennials (18-33 year olds) say they will be purchasing a vehicle in the next one to five years, making them the prominent car buying group. So what are millennials exactly looking for in their cars?
Here are a few areas of focus that Millennials like to see in their car buying journey:
- Quality is a Must: 70% of millennials are willing to pay more for a vehicle if the quality is superior to others and maintenance is minimal.
- High-Tech Features: 89% of millennials look for a vehicle that has high-tech features, like a touch screen dashboard or bluetooth capabilities.
- Autonomous Vehicles on the Rise: Over 70% of millennials are comfortable with artificial intelligence controlling the vehicle using an AI drive system.
- Mobile Availability: 65% say they have used their mobile devices to look up a vehicle listing and do their research. By the time they reach they showroom floor, they are experts in what they are looking for.
Millennials are a tech-savvy generation and they want a vehicle that matches their lifestyle. They dive deep into their online car search to find exactly what they are looking for. Providing millennials with an easy to use online platform that highlights key features, like quality and amenities, will go a long way to help attract millennial car buyers and make them a loyal customer.
What other factors do you think play a part in the millennials buyer journey? Let us know in the comments below.
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Editor's note: This blog was originally published on 11/24/2015 and has been updated for content and clarity.