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Millennial car shoppers on the hunt for better deals

Posted on Monday, June 23, 2014 at 9:05:03 AM

When it comes time to acquire auto financing and buy a new vehicle, millennials are taking different strategies compared to their older counterparts. 

According to Cars.com, Generation Y is looking for several specific things during the process. The goal for many is a vehicle under $20,000, and in order to get this price millennials use technology to find the best deals. The focus on affordability is especially important for the youngest of the demographic, such as those fresh out of college.

"As recent graduates begin their careers and consider purchasing a new car, the majority will focus on affordability first and foremost," said Jesse Toprak, chief analyst for Cars.com. "Millennials know they have options, and they rely on their smartphones more than any other generation to make sure they're getting the best deal they can while on the lot. Retailers would be wise to take note and prepare to work with this well-informed, tech-savvy group of car buyers."

In addition, millennials are also keen on performing research ahead of time. According to AutoTrader, baby boomers often find their next car purchase in the dealership itself, while Gen Y tends to figure things out online far before stepping through the door.