Study Addresses Gen Y Vehicle Purchasing Habits
March 11, 2014—Research firm Strategic Vision released Tuesday the results from its New Vehicle Experience Study to shed light on Generation Y’s new vehicle purchase habits.
Strategic Vision said that although the common myth surrounding younger buyers is that they do not purchase new vehicles because they do not care about them, the study found that the main reason is because they could not afford to do so.
Strategic Vision said that it has surveyed millions of new buyers since the mid-1990s through the New Vehicle Experience Study to track the strength of the emotional impact that a vehicle has on its buyers.
The study found that younger buyers want more emotion from their vehicles than the industry average, focused on prestige and feeling that their needs are met.
Survey participants said that they are hesitant to purchase a vehicle because of less experience in the marketplace, as well as the impact of the cost of the vehicle.