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Ready to Drive! MTV study says millennials want their cars; kills 5 myths (PART 1 of 2)

6 in 10 Millennials said “they feel like losers among their peers without their cars” – MTV study


If rumors of Mark Twain’s death were greatly exaggerated, then so are those that young people are eschewing the car for alternate forms of transportation. In a study released January 23, 2015, the Viacom-owned entertainment giant revealed that not only to so-called Millennials, or Gen Y, buyers want to have cars and drive, but are beginning to in substantial numbers. They studied 3,610 Millennials in spring 2014, as well as 400 and 403 Gen X and Baby Boomers, respectively. The results crashed the assumptions that fewer younger people are interested in cars. Not only are they interested, but PASSIONATE about the idea.

In general, these younger shoppers have been late to market for a couple of reasons. First, the economy  made getting behind the wheel a challenge, and second, many states now have laws that delay teen drivers from getting behind the wheel full time.

So here are the Myths that MTV busted:

  1. “Millennials don’t drive”: Fully 80 percent responded that they get around by car, and because they work less and have fewer family obligations, they spend more time behind the wheel than their older counterparts.
  2. “Millennials don’t want to drive, have no interest in getting their license and choose other methods of transportation in order to stay connected”: Every state and the District of Columbia have added license restrictions for teen drivers in the past 25 years
  3. “Millennials don’t like cars and don’t find them essential”: Seven out of 10 Millennials enjoy driving, compared to 58 percent of Boomers and 66 percent of Gen Xers – and 6 out of 10 said they feel like “losers among their peers without their cars”.
  4. “Millennials are forgoing the purchasing of cars and other big ticket items”: As the economy has bounced back, 80 percent see cars as their ‘big ticket purchase’, and a third planned a purchase within 6 months.
  5. “Millennials’ one true love is technology, especially their phones, and cars cannot compete for their attention”: Actually most agree that a smart phone doesn’t replace a car, and would choose cars over a phone.

The one underlying force for these numbers seem to match those of all previous generations and even those on horseback: FREEDOM.

With this huge chunk of buyers hitting the market, there are definitely three things you want in place:

  1. A transparent and smooth purchase process
  2. A robust mobile presence
  3. Live chat to communicate in their comfort zone

“For Millennials, "success" is defined by independence and individuality. A car plays an integral role as young people craft the persona they want to show the world and can help them get where they want to be literally and figuratively. Millennials are striving to reach the same milestones as previous generations, but faster and in their own unique way.” – MTV

In part two, we’ll cover what MTV’s study revealed about the best ways to market and sell to these youthful buyers.

Photos: Tom LaPointe

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Tom LaPointe CarChat24 CHAT GURU

www.carchat24.com/ 24/7 Interactive Automotive Dealer Website LIVE CHAT Solutions Hosted or In-House Options – FREE web chat software 727-638-0195

A U.S. Marine Corps veteran, Tom has an MBA in Marketing and is an automotive writer and author with nearly 20 years experience in virtually every aspect of the retail auto industry. He has been involved with the internet from the beginning, building websites at Johns Hopkins University in the 90's, and has been a performance leader in nearly every dealer role, from sales and service, to BDC / internet sales and viral marketing.

Views: 180

Tags: Baby Boomers, Gen, MTV, Millennials, X, car sales, live chat, marketing, research

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