Generation Z will spend longer researching a car purchase than any other age group
They are willing to wait longer to get the right vehicle for them.
When it comes to buying a car, Generation Z spends the most time researching before making a purchase, according to new research.
The 18-24-year-old age group felt the most urgency to make a purchase, but were willing to wait the longest before splashing the cash.
They also showed the least attachment to a particular brand going into the research process.
The Next Generation of Car Buyers study of 1,512 people who have bought a car in the past four months split participants into age groups that ranged from Gen Z (18-24 years old), Millennials (25-39), Gen X (40-54) and Boomers (55-65).
This urge to research may come from the fact that Gen Z buyers are not particularly confident when buying a car, with just 41 per cent saying they felt very confident in the process.
This lead to Gen Z taking an average of seven weeks to make a purchase, compared with four and a half for Gen X.
Gen Z were also more likely to visit multiple dealers – 53 per cent compared with 51 per cent of Gen X and 34 per cent of Boomers.
Madison Gross, Director of Customer Insights at CarGurus,which conducted the survey, said: “Despite Gen Z’s openness on car-buying decisions, they are well-informed. They show the greatest use of online resources as they research and shop around for what is likely the biggest purchase of their lives to-date.
“Younger buyers also value authenticity and transparency in a business, so sellers should ensure pricing is consistent across channels to appeal to these buyers.”
The study also found Gen Z were less likely to care about the make of a vehicle (29 per cent of Gen Z vs 47 per cent on average).
