Good news for car manufacturers.
For the second time within a week, a survey has revealed that young car buyers are ready to get into the new car game and buy one. Thats the findings of the J.D. Power 2014 U.S. Automotive Media and Marketing Report, based on a survey of consumers 25 years old and younger.
Young Consumers Want Cars
The J.D. Power report aligns with the findings of a report from Deloitte. Like the earlier report, J.D. Power found that consumers do want to buy new cars, essentially refuting the assertion by some that young adults are much less interested in owning a car, particularly a new one.
And it isn’t just any vehicle that young buyers want. Powerful acceleration and responsive handing is desired by 41 percent of young car buyers compared with 36 percent for the general population. They also prefer to drive on roads with hills and curves, with 22 percent expressing their interest compared with 13 percent of all car buyers.
Image is Important
One-third of these consumers want their vehicles to stand out in a crowd, compared to 20 percent for all car buyers. Further, 19 percent of car buyers say that others can tell a lot about them by the vehicle they choose. That compares with 10 percent of all car buyers.
It shouldn’t come as a surprise that young buyers want to personalize their vehicles too. A full 27 percent are inclined to go with options and accessories compared to 20 percent for all ages.
One Million Consumers
Arianne Walker, senior director, automotive media & marketing at J.D. Power noted that young consumers have expressed increased interest in these attitudes and sentiments, rising by 6 percent since 2009. These are the points that should be kept in mind by car manufacturers as buyers under the age of 25 presently account for 6 percent of new vehicle sales. Thats approximately 1 million car buyers in todays market.
That demographic has varying interests in what types of vehicles they’re interested in too. Certainly, B- and C-segment models such as the subcompact Ford Fiesta and the compact Toyota Corolla are considerations. More affluent buyers are also gravitating toward the premium and luxury brands, and would consider a Buick Regal or an Audi A3 instead. Serving up a variety of vehicles to this age group can help manufacturers win new customers.