AppId is over the quota
\ABS\Auto Blog Samurai\data\insurance\wwwallstatecom\young+people+buying+more+foreign+cars_16000325_800572728_0_0_7078491_300.jpg "Young people buying more foreign cars")
Generation Yers, young adults in the 18 to 27 age range, represent the newest, and some think most important, demographic of car buyers in the market. A study from TrueCar.com found this generation prefers Asian brand automobiles over those made in the U.S. and Europe.
What are they buying?
The study reviewed the purchases of more than four million people buying a new car from 2009 to 2010. Overall, this new buying demographic favored Scion, Mitsubishi, and Mazda above the rest, with Nissan, Volkswagen, and Kia right behind them.
"Generation Y buyers are very important to automakers because they help set trends from popularizing social media sites such as Facebook or Twitter or technologies such as the iPhone and iPod," said Jesse Toprak, vice president of trends and analysis at TrueCar.com.
Toprak also noted it is important for manufacturers to get a person to buy their vehicles early on, in hopes of retaining them as a loyal customer through the years.
Seeking out something unique
The most successful models were those that allowed for a significant amount of customization. The Scion tC, Mitsubishi Lancer, and Honda Civic Si were the top selling models, respectively. Experts feel that this generation of car buyers wants a vehicle that is individualistic and can be tailored to their specific tastes.
This new market of auto shoppers also desires a vehicle equipped with the electronic features they have become accustomed to, while still remaining affordable. Having iPod docks and navigation systems built-in provides more appeal than manufacturers that change extra for these perks.
Reasonable price is a must
All of the top 10 most popular cars had a base manufacturer's suggested retail price (MSRP) under $23,000 and often came with unique exterior styling. The Toyota Yaris Sedan, Scion xD, and Volkswagen GLI were quite popular among young drivers, and the Ford Focus Coupe was the most popular American car in the study.
In general, the most purchased American brand in the study was the Jeep, with 5.8 percent of the market. Ford and Chevrolet had 5.1 percent and 4.2 percent of the market, respectively. Ford has been heavily marketing its smaller cars through social media outlets and unfortunately, those results have been disappointing to date.
Comments