Move over, Millennials Gen Z plans to own cars
The auto industry has been focusing on Millennials, but Gen Z (those now age 17 and younger) have expressed more interest in owning cars. A new survey by AutoTrader and Kelley Blue Book shows that 92 percent of Gen Z own or plan to own a vehicle, and 97 percent have or plan to get a license. They say a car represents freedom and convenience.
Having been raised in the Great Recession, Gen Z representatives said price is the most important attribute to them when car shopping. They want environmentally friendly cars, but mainly to save money on gas rather than to prevent global warming.
Gen Z is less focused on style or brand than Millennials. Gen Z named Ford, Chevrolet and Honda as their preferred auto brands, describing them as traditional, practical and trusted. Gen Z also values safety features more than previous generations.
And they donêt expect to buy their cars online. Gen Z members value the experience of buying a car, with 68 percent agreeing that face-to-face interactions are important. Test drives are critical for Gen Z, with 52 percent saying they need to test drive a vehicle at least twice before making a decision.
The best news from this research is that auto sales are not going to take a hit because of this generation, said Isabelle Helms, vice president of research for Cox Automotive, AutoTrader and Kelley Blue Bookês parent company. Their love for cars and driving is very much alive.Download Bulletin PDF