Topic: auto industry news
Millennials aren’t “just kids” anymore. They have true buying power and are quickly becoming a large percentage of the total car-buyer audience. Millennials are expected to represent 40% of all new-vehicle purchases next year. Ali Chapman, customer insights analyst at CarGurus, recently spoke with WardsAuto about the latest data on Millennial car buyers from our 2019 Buyer Insights Report.
Read the full article on WardsAuto: A Generation That Allegedly Hated Vehicles Now Buys Them Aplenty
As you may have heard, sales growth in the new-car market is slowing. There’s a general consensus in the industry that new-car sales will plateau this year or next.
A number of factors are to blame.
First, the recession severely depressed the auto market. Sales surged in the last few years as consumers began buying again, but now things are returning to normalcy.
Second, people are keeping their cars longer – a side effect of improved build quality.
And while today’s drivers continue to replace their cars, fewer young people are getting their licenses. Plus, the Millennial generation is burdened with billions of dollars of student loan debt. Millennials are delaying big purchases like homes and cars as a result.
As the new car market softens, how can you take advantage and even grow your sales in a challenging market environment?
Today’s low gas prices have led households to enjoy a “tax cut” of about $1,000 per year, researchers at IHS have found. In other words, the typical household now spends $1,000 less on fuel than it did between 2011 and 2015.
But does cheap gas affect people’s vehicle preferences? We took a look into our lead-volume and pricing data for pickup trucks, some of the least fuel-efficient vehicles on the road, to find out.