Millennials seemed to lack the interest of investing in a car, which puzzled and worried the car industry professionals. The rise of car sharing services and the fact millennials preferred to use public transportation made them postpone buying their own car for a long time. Of course, the huge student debt and the fact they struggle to find and keep a decent job were important reasons to skip owning a car. But now, the tables have turned and millennials are finally starting to buy cars.
They need a car
As millennials are aging and they establish their families, they start to realize they do need a car. At the same time, those who managed to get a job are now in a stable financial situation, which enables them to own a car. Even so, car purchasing rate slowed down a lot, compared to past generations. Securing a job is a reason to invest in a car, along with all the accessories it needs, from the best car covers to the latest gadgets, because you need to go to that job. As many millennials are commuting, they are buying cars.
Steady gas prices
In the last years the changes in gas prices encouraged millennials to buy cars. Even if the era of cheap gas seems to end, the price is still low enough for the new generation, which is a lot more financially aware than their parents and grandparents.
Living in the subs
Despite millennials grew with the mirage of living in the city center, when they reached adulthood, they migrated towards the suburbs, just like their parents. This was partially an economic decision, as the rents in the city are big, especially when compared with the rents in the suburban areas. Those who afford it, buy houses, which means they have to rely on their personal car to reach their job.
High tech, eco cars
Millennials are very conscious about their environment and they are actively looking for ways to protect the nature and reduce pollution. At the same time, they are found of high tech gadgets. Today’s cars offer them both things: they are more eco-friendly and stuffed with technology. This makes cars big, functional toys for millennials. They are also safer than older models, which is another reason millennials are now investing in cars.
Millennials are very cautious when it comes to acquiring a loan, because they are already in a lot of debt. Luckily for everyone, the interest rates are now catching on and they are low enough for millennials to afford them. Despite most people would love to buy a new car, many of them are forced to buy a second hand, older car, in order to get a lower loan.
Millennials are not interested in getting luxurious, expensive cars – they only need a way to move around quick and easy. While they do value eco-friendly features and high tech gadgets in their cars, they are still financially savvy, so the price is going to make the ultimate difference for them when it comes to buying a car.