Automotive study reveals surprising insights on future car buyers.
Ninety-two percent of Gen Z teens own or plan to own a vehicle, according to a Cox Automotive study.
As the automotive industry turns its attention toward the next generation of car shoppers and buyers, Generation Z (those currently age 0-17), it may be operating under some false assumptions.
1. Gen Z Wants to Own and Drive Cars:
According to respondents, 92 percent of Gen Z own or plan to own a vehicle, and 97 percent have or plan to get a license. In fact, they look forward to it, citing that it makes them feel free (32 percent), responsible (29 percent) and excited (23 percent) as the top three emotions associated with driving.
Of those surveyed, a car represents freedom (29 percent) and convenience (21 percent), and is not necessarily a reflection of who they are (6 percent).
Generation Z also would be willing to give up quite a bit for a year to get into the driver’s seat, including social media (72 percent), new clothes (63 percent) and their cell phone (33 percent).
2. Gen Z is Not as Environmentally Friendly as You Might Think:
A car being environmentally friendly is more important to Gen Z (27 percent) than it was to other generations as teenagers. However, rated even higher, price is named the most important to Generation Z at 77 percent than it was for Millennials in their teen years (72 percent).
When Gen Z was asked their opinion on environmentally friendly cars and important factors in selecting a vehicle to buy or lease, 43 percent say these models mainly save money on gas, versus 30 percent who say those vehicles prevent global warming.
3. Gen Z is Not as Materialistic as Millennials Were as Teenagers:
Generation Z is less focused on style or brand. Importance of style rated at 49 percent for Gen Z versus 57 percent for Millennials. Importance of brand rated at 23 percent for Gen Z versus 34 percent for Millennials.
Vehicle popularity also rated lower among Gen Z (13 percent) versus Millennials (22 percent). Generation Z named Ford, Chevrolet and Honda as their preferred automotive brands, describing them as traditional, practical and trusted, while only 1 percent cited Tesla as a top preferred brand. However, no brands were seen as highly relateable.
Sellmycar.com.au is a vehicle buying service backed by Cox Enterprises, a global business with over 50 years experience in the automotive industry.