Millennials currently represent the majority of car buyers and will represent 40% of the car-buying market in 2020. Determining how to sell cars to Millennials has been the topic of automotive discussions for a couple of years now. When will they buy? What will they buy? How are they buying? 

Understanding how Millennials are choosing to buy their vehicles is integral to the success of a dealership in 2019 and beyond. The Millennials who do own cars are driving 2,000 more miles per year than their baby boomer counterparts. But not all Millennials are buying cars. With the surge of ride-sharing services, the need to own a car is no longer necessary. Millennials who live in cities are less likely to buy cars than those who live in the suburbs. Geography and life choices are the most decisive factors in Millennial car ownership.

Millennials aren’t killing the automotive industry, but they are more informed than any previous generation. This can likely lead them to make a transportation decision that isn’t 100% attached to vehicle ownership. With more options and knowledge than ever before, Millennial buyers are choosing to be patient, and resourceful when it comes to car ownership. With Millennials being stifled by student loan debt, it is difficult and impractical, for them to make a vehicle purchase like their parents did. A vehicle is simply a vehicle and not a status symbol. Many studies have shown that Millennial consumers prefer experiences over items.

Understanding how Millennials view vehicles is vital to the success of your dealership.  You may need to investigate different revenue streams that can better reflect their buying habits.  

With economic factors being the main reason a Millennial is not buying a vehicle, this webinar from CarGurus will be going over What Matters to Millennials in 2019. 

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