The Millennials have arrived, and automakers are taking notice, moving to stock car dealerships with vehicles that will appeal to what is swiftly becoming the largest car-buying demographic.
Millennials got off to a slow start for certain American rites of passage to adulthood, such as starting a family, buying a home, and purchasing new cars, as the Great Recession struck when many were just entering the workforce, and it had a lingering effect on their earning power. Combined with a trend of rising college debt, many Millennials’ finances delayed them from taking these typical actions.
Thanks to an economic recovery, Millennials are now starting families and are increasingly purchasing new automobiles, particularly family automobiles. Millennial auto consumers purchased 4.1 million automobiles last year, accounting for about 29 percent of all buyers. By 2020, Millennials are expected to make up about 40 percent of all automobile consumers.
The Millennial generation—born between the early 80s and late 90s—is the largest generation since the Baby Boomers, with about 75 million members. Their preferences will have a huge impact on markets for years to come, just as the Boomers did.
Right now, many Millennials are starting families and are searching for family vehicles. Millennials aren’t searching for the same family vehicles that their parents and grandparents wanted, however. The values of the Millennial generation are very different from their predecessors, and it shows in their consumer choices. Here are a few points about what Millennials are looking for in family cars.
Millennials seeking new or used cars in Bloomington can find just the right family vehicle they’re searching for at Community Cars. Community Cars carries a wide range of Chrysler, Jeep, Dodge, and RAM products, giving Millennial shoppers a big inventory to choose from when seeking a new or pre-owned vehicle. Stop by today for a test drive or to talk to a sales rep to learn more about the dealership’s brands and models.