An Auto Trader report has revealed that close to 50 per cent of 17 to 24-year-olds are open to buying either a new or used car.
The statistic was revealed in Auto Trader’s Annual Buying Report, which showed that 48 per cent of young drivers were open to buying either a new or used vehicle on their first visit to a car dealership. The next most likely group to follow suit was the 25 to 34-year-olds, with 38 per cent admitting they would like to do the same.
If you’re considering adding more stock to your showroom to take advantage of these statistics, it's vital that you regularly update your motor trade insurance and road risks insurance to protect your businesses from unforeseen losses, costs or liabilities.
More than 2,000 drivers were surveyed by Auto Trader. The millennial generation (those aged between 18 and 34) were found to be heavily researching their future car purchases online. Meanwhile, only nine per cent of millennials admitted visiting dealerships to weight up their options, preferring to research everything online before heading out to make a purchase.
Nevertheless, the key fact was that, after the research had been completed, the young drivers were not so bothered about whether their chosen vehicle was brand new or second hand.
Nick King, the insight director at Auto Trader, said of the report: “We know there is now no real difference between a new and a used car buyer anymore — there are just car buyers. This is particularly true of the 17 to 24-year-olds, the biggest demographic of car buyers to consider new or used with 42 per cent of them open to either.
“This is your future audience and not one to be ignored. This generation is used to next-day delivery and getting everything they want immediately — it’s why 48 per cent of millennials expect to walk in to a dealership and buy there and then.”