Gen-Z set to fuel car buying boom
Over lockdown, Gen Z, AKA 17-24-year-olds, have stockpiled an average of £2,000 as a result of lockdown restrictions and over three fifths (61%) of them plan to use this money on a new car to maximise their newfound freedom, according to research from Auto Trader.
Research from the UK’s largest digital marketplace for new and used cars found that Gen Zers or ‘Zoomers’ have interesting priorities when it comes to what they’re looking for in a car.
The findings reveal that one of Gen Z’s biggest considerations when buying a car is that the brand of car plays its part in protecting against the climate crisis, with over a quarter (27%) of Gen Zers citing this as a top consideration.
What’s more, a fifth (22%) of 18-24-year olds revealed they would consider buying an Electric Vehicle or Alternative Fuel Vehicle. This follows on from findings revealing that three quarters (77%) of Gen Zers admitted lockdown had made them more sustainably focused, in comparison to only half (54%) of Generation X (55-64-year olds).
Top considerations for Gen Z Brits when car shopping:
1. The car brand must play its part in protecting against the climate crisis – 27%
2. The car brand must reflect my personality – 24%
3. Good GPS system – 23%
4. Good sound system – 22%
5. The car brand must have strong, modern values – 19%
Important car features for Gen Z include a good GPS system, with a quarter (23%) of 17-24-year olds confessing it’s a top consideration. As such, the A-Z map looks like it might get cancelled, with only nine per cent packing one on a roadtrip.
Appearance also proved key, with a quarter (25%) of Gen Zers confessing wanting a car that’ll ‘reflect their personality’ and one in 10 (11%) of the social-media savvy generation admitted being after a car that’s ‘instagrammable’.
This research follows DVLA data revealing that young driver numbers have dropped to the lowest level ever recorded, with driving lessons and tests suspended due to the Covid-19 pandemic[1].
Research from Auto Trader found that a third (32%) of 17-20-year-olds missed out on their driving test due to the pandemic and half (49%) of 17-24-year-olds admitted that the pandemic had impacted their car buying plans.
Gen Zers have tyre-d of lockdown restrictions, with over a third (34%) feeling like they have missed out on the first car excitement of being able to go wherever they liked and 31 per cent confessed they were craving the independence of being able to freely visit friends and family.
However, with driving lessons now back and tests being given the green light from the 22nd April, the end is in sight for those eager to get behind the wheel.
Gen Z is set to become the driving force behind the predicted boom in car sales, now the forecourts have reopened. Auto Trader has created a CAR BUYER GUIDE for Generation Z car buyers, to make sure they find the right match for them.
Erin Baker, Editorial Director at Auto Trader says, “Despite the challenges felt around lockdowns, it is great to see that Gen Z are overcoming financial concerns to reap the benefits they will get from owning a car. It’s a marked change from their usual trend of waiting until older years to buy, so we've put together some handy tips to help with that all important purchase."
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About Auto Trader
Auto Trader Group plc is the UK and Ireland's largest digital automotive marketplace. Auto Trader sits at the heart of the UK's vehicle buying process and its primary activity is to help vehicle retailers compete effectively on the marketplace in order to sell more vehicles, faster. Auto Trader listed on the London Stock Exchange in March 2015 and is now a member of the FTSE 100 Index.
The marketplace brings together the largest and most engaged consumer audience. Auto Trader has over 90% consumer prompted brand awareness and attracts circa 50 million monthly cross platform visits each month, with over 80% of visits coming through mobile devices.
For more information, please visit https://plc.autotrader.co.uk/who-we-are/about-us/
For all media enquiries, please contact:
Rebecca Lloyd-Wright | Rebecca.Lloyd-Wright@autotrader.co.uk
Survey methodology
Auto Trader worked with a third party research team to survey a sample of 500 17 – 24 year olds.
[1] https://www.rac.co.uk/drive/news/motoring-news/number-of-young-drivers-plunges-to-record-low/
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