New survey finds Millennials have less influence and less of a financial stake in their first car purchase than did previous generations.
A new American survey offers interesting insight into the dynamics of car buying for the Millennial generation. Unlike Baby Boomers, Millennials are less involved in selecting their first car, and less likely to contribute financially to the purchase of the vehicle.
While 65 percent of Baby Boomers, and 53 percent of Gen Xers said they paid for some or all of their first car, only 37 percent of Millennials did the same.
The survey also found that Millennials are more likely to be given a car by a family member, not as a gift, but as a must-have in order to fulfill responsibilities.
Since they are given their first car, they are also less likely to be asked which make and model they prefer—a fact that should make dealers think twice about who is actually making the buying decisions, and how to better target that audience when advertising.