A recent survey by Capital One Auto found that Generation Z, individuals between 18 and 28 years old, are leading the charge in near-term car buying. This age group accounted for the largest share of first-time car buyers and is making informed decisions based on total ownership costs.

Car Buying Trends

Gen Z car shoppers are taking their time, with 45% spending between three and 12 months searching for their car. They are also visiting more dealerships, averaging 3.4 dealerships, and leveraging online tools to make well-informed investments. Auto expert Philip Reed notes that these results indicate Gen Z car shoppers are moving through the car-buying experience with confidence, focusing on fact-based information and total ownership costs.

Reed also highlights that Gen Z buyers are doing their due diligence by checking reviews of dealerships and calling ahead to get the right salesperson. Once they’re on the lot, they can focus on making the right decision. The survey results show that Gen Z respondents not only visited more dealerships but were also the most likely to view walking into a dealership as an exciting opportunity.

Financial Factors

Gen Z car shoppers are considering the total cost of ownership, including gas mileage, maintenance, and upkeep, as the most important financial factor when buying a car. In fact, 25% of Gen Z respondents selected this as the most important factor, whereas other generations prioritized the final sales price. Reed notes that there seems to be a heightened awareness among younger car buyers about fees, up-sales, and add-ons, and they are using internet tools to check affordability and estimate their own out-the-door price for the car they want.

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.