Is Gen Z committed to cars more than any other generation? A new poll has revealed a trend about just how serious the nation’s newest set of consumers are about vehicles.
In a poll of 4,000 U.S. adults split evenly by generation, 76% of Gen Z reported purchasing their first vehicle before they were 21 — a stark contrast to 56% of millennials who purchased at the same age.
When starting their vehicle shopping process, 54% of Gen Zers said price plays the biggest factor in their decisions. Other major considerations when looking for a new car include fuel efficiency (42%), longevity and reliability (36%), safety rating (29%) and comfort (28%).
Two-thirds of those in the Gen Z generation said they feel more confident in understanding how cars are priced versus older generations (Gen X: 53% and baby boomers: 37%).
Commissioned by Cars.com, the study found 62% bought their current vehicle from a dealership or pre-ordered their vehicle from a dealer. Eighty-one percent overall agreed it’s important to touch, feel and test drive a car before buying it.
Four in five Gen Zers also said they prefer purchasing their vehicles in person, as opposed to online shopping (9%), in contrast to the tech-focused millennials who prefer online shopping (16%).
“What we’re especially keen on is how Gen Z is going to shape the vehicle purchasing landscape,” says Jenni Newman, editor-in-chief, Cars.com. “What’s most interesting is how Gen Z is bucking the trend set forth by millennials when it comes to car shopping. Though arguably the most tech-savvy generation,
“We're seeing this younger generation care more about talking to people in person when it comes to buying a big purchase like a car — valuing the role local car dealerships have in that last mile of car buying — and taking more time to research what they want before making a major decision.”
Conducted by OnePoll, results found Gen Z is also taking more time when shopping before they pull the trigger — 64% take up to four weeks to do research on vehicles before buying.
Interestingly, it was also found 55% of Gen Z purchased a used car; compared to 55% of Millennials who purchased new.
To make things easier for themselves, respondents said they prefer using car shopping tools that give them history reports (52%), total cost transparency (47%) and vehicle price history (44%).
Research showed a number of financial differences between Gen Z and other generations when car shopping, as well.
Over half (57%) of Gen Z is comfortable with car payments as high as $400, similar to 60% of Gen Xers; although millennials (48%) were the least comfortable with these prices.
While confident in the amount they can spend, Gen Z admitted fears about not getting a fair price (22%) and the financing process and getting approved (16%) as some of their biggest pain points during the car buying process.
Most Gen Zers will shop for vehicles by first consulting friends and family members (60%) then car dealer websites and salespeople (55%).
Originally published by Talker News