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. These young car shoppers are making informed decisions, focusing on total ownership costs, and leveraging available resources to make smart car-buying choices.
Survey Findings
The survey results show that Gen Z respondents spent more time car shopping than other generations, with 45% spending between three and 12 months searching for their car. They also visited more physical dealerships, averaging 3.4 dealerships, and were more likely to shop both online and in person.
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. The survey also found that 67% of Gen Z respondents deemed owning a car as more important for their generation than for their parents and grandparents.
Gen Z respondents were also more likely to finance their car purchase with a down payment or trade-in vehicle, and they prioritized the total cost of ownership, including gas mileage, maintenance, and upkeep, when making their decision.
Original reporting: KTVZ (Central Oregon) — read the source article.
