New Report: Young Customers Not Interested in New Vehicles?
Despite popular sentiment that consumers 25 years old and younger are really not interested in buying a vehicle, this group of consumers has represented a steadily increasing proportion of total retail automotive sales since 2009, and those young drivers who purchase a new vehicle are enthusiastic about ownership, according to the recently released J.D. Power 2014 U.S. Automotive Media and Marketing Report — Winter.
“There is a lot of discussion today about many young consumers not having the resources, interest or even passion to own a new vehicle,” said Arianne Walker, senior director, automotive media & marketing at J.D. Power. “However, this age group is really passionate about vehicle ownership, their driving experience and the image associated with the vehicle they buy. Not only do they enjoy driving, but they also see their vehicle as a reflection of their identity. They want to personalize their vehicle with options and features, and tend to view it as an extension of their personality.”
Key findings of the report showed that young drivers value image and personalization, the joy of driving and pride of ownership. According to Walker, these attitudes and sentiments of young drivers about their vehicles have increased by an average of 6 percentage points in 2014 since 2009, reinforcing the fact that young drivers really do have an interest in new vehicles and are emotionally connected to the vehicle they purchase.