Who's a better car shopper: Millennials or their parents? [Video]
Posted on Monday, April 6, 2015 at 10:02:47 AM
If you had to say who was the better vehicle shopper - millennials or their parents - what would your answer be?
Based off of a recent Edmunds.com survey, the answer seems to be millennials. When more than 1500 adults were questioned, 73 percent of millennials believed that they were better than their parents.
This argument was supported by the confidence shown by millennials. For example, more than half said that they helped friends and families with the process, compared to only 37 percent of older Americans.
Today, many millennials and their parents have equal access to residential financing, plus the economy is stronger and household income is up. The key difference, it seems, is technology. Edmunds.com found that millennials are better with mobile devices, which they use to research vehicles and compare prices. Thus, they are more informed than their parents.
"They're making the most out of the volume of information available at their fingertips, and it's helping them to make a smarter car purchase," explained Avi Steinlauf, CEO of Edmunds.com. "And since a smart car buyer is a quality car buyer, it all points to an optimistic and healthy future for the auto industry."
No matter who is buying, recent data from Kelley Blue Book showed that sales are up. Top performers include trucks and SUVs, while transaction prices are increasing across the board.