The automotive buyer intelligence firm Autolist.com today released a study showing that generation Y (millennials) has substantially different automotive buying preferences than generation X (Xers).
The Autolist.com analysis, based on a survey of 3,383 vehicle owners nationwide, showed that millennials care more about buying a new car (+6.2%), the holistic environmental impact of their vehicle (+5.1%), and the features and technology of their vehicle (+2.1%) than Xers. Conversely, millennials were also shown to care less about vehicle price (-5.5%), reliability (-5.3%) and automotive brand (-3.6%).
The study also broke down the most popular vehicles by segment between the two generations. The most popular vehicle for millennials is the Honda Civic. In addition, the study also looked at the most popular vehicles by segment.
Additionally, the Autolist.com study found that nearly 50% of millennials plan to keep their vehicles for less than 5 years, demonstrating a shift from generation Xers (~40%). By contrast, nearly 10% more of Xers plan to keep their vehicles for 10 years or longer.
While the general sentiments driving millennial purchases are wins for auto manufacturers, the long-term results of shorter ownership are sure to have long-term ramifications on the industry as a whole.