Over the last few years, millennials have caused a lot of anxiety among car manufacturers. A millennial would opt to hail an Uber, share a ride with a friend or even take public transport instead of driving their car.
A large number of millennials who make up a large portion of the American population didn’t even bother to register for a driver’s license. That caused a lot of anxiety among car manufacturers that the largest generation in the U.S. had abandoned ‘buying a car’- which is seen as one of the rites of passage when transitioning into adulthood.
What is the cause of the delayed transition?
Millennials defined as people born between 1980-2004 forms at least 30 per cent of the American population. Most of the people in this generation are in the range of 20-40 years. They have student loans to repay, and yet the job market hasn’t been favourable for the last couple of years. Also, the lending rates have been high, which made most of the millennials to remain car-less for a long time.
But these statistics are changing each day. As people in this generation finds more stable employment, begin to build their savings, pay their student loans, and consider starting a family, they are slowly making major life decisions such as buying homes and cars. Most of the recent surveys show that millennials are prioritizing buying a family-sized vehicle and living in the suburbs over living in the city and rely on public transport.
SUVs top the list of preferred vehicles by millennials
In 2016, the number of millennials joining the new-car owners’ bandwagon increased by 28 per cent. That was a great improvement from 2010 when the number of millennials buying new cars stood at 17 per cent. Recent studies also showed that most of the older millennials prefer medium and large SUVs over smaller cars.
Features that millennials are looking for in their first car
Most of the Millennials were born in the internet era. Most of the people in this generation are tech-savvy, and they will spend a lot of time researching before settling on any product. Most of the automakers have been catching the eye of these younger buyers by focusing on techie features that appeal to them. The trend of millennials buying cars and starting families comes at a time when most automakers are releasing a new lineup for 2019 SUV vehicles.
Top tier technology and convenience features
One of the charming aspects of owning a modern SUV is that it comes with the latest technology and modern safety features. They come packed with features such as camera and radar to detect the traffic closing rate. Modern SUVs are also packed with adaptive cruise control, lane-keeping assist, lane-departure warning, and road mitigation safety features. Most of the millennials are also looking for SUVs with built-in WiFi features and Bluetooth connectivity that makes it easier to connect with devices such as phones and laptops.
If you have your hands full, then you don’t need to worry as most of the modern SUV vehicles have Intelligent Access key that lets you access the vehicle easily. The next-generation voice-activated technology enables you to access a variety of functions with just the sound of your voice.
Versatility and luxury
The modern SUV market continues to get better as automakers release vehicles with excellent passenger and cargo carrying capabilities suitable for individuals with growing families. These vehicles are easy to maneuver and economical on gas, and hence they go easy on pockets of most millennials. What’s more! These vehicles have set new standards of comfort, quality, and spaciousness, which is what most of the millennials are looking for. The luxurious leather seats and the meticulously crafted premium appointments are eye-catching for younger drivers seeking luxury and comfort in an affordable package.
Off-road ability and superior performance
Millennials are not only looking for SUVs that are packed with cutting-edge technology, but they are also looking for vehicles with superior off-road ability and performance. Fortunately, most of the modern SUVs are fitted with high-performance engines that deliver the right amount of torque to the wheels for excellent performance on off-road terrains. Modern SUVs also come with a high towing capacity that allows you to tow all your toys easily
SUVs are not created equal, and millennials know this too well. That’s why most of them of them are opting for vehicles that will serve them for a longer period without changing their performance and appearance.