📊 Generational Automotive Trends

What are the cars most purchased by people in your age group? 👶👴

Experian Automotive recently dropped its August 2024 Automotive Consumer Trends & Analysis report to reveal the top makes and models by generation.

Do you tailor your inventory to local generational demographics? 🤔👇

Don’t feel like reading an article? Check out the main points on this LinkedIn post in stunning, scrollable, images!

DATA & INSIGHTS

Generational Insights into Automotive Consumer Trends

Experian's 2024 Special Report offers a deep dive into U.S. automotive consumer behavior across generations, from Gen Z to the Silent Generation. With comprehensive data drawn from vehicle registrations, consumer profiles, and credit insights, the report highlights trends and preferences shaping the auto market today.

Important bits:

📈💪 Vehicle Registration Trends

Gen Z continues to increase its share of new vehicle registrations, with a strong preference for cars like the Honda Civic. Millennials, Gen X, and Boomers favor larger vehicles, particularly CUVs, trucks, and SUVs, with the Ford F-150 consistently ranking high among Gen X and Boomer buyers.

💰🔎 Financing Insights

Across all generations, the average loan amount for new vehicles hovers around $30,000, with Millennials taking the highest average loans at $32,940. Monthly payments also show a steady increase, with Millennials and Gen X averaging above $600 per month.

⚡️🐎 Electric Vehicle Adoption

Gen Z and Millennials are leading the charge in EV adoption, with electric vehicles comprising nearly 31% of their new registrations, compared to just 21% for Boomers. Hybrid registrations remain strong across generations, reflecting ongoing interest in environmentally friendly alternatives.

🥈🏎️ Used Vehicle Trends

While Millennials dominate new vehicle registrations, Gen Z and Gen X lead the used car market. Interestingly, both younger and older buyers tend to over-index for used luxury and exotic cars, while Millennials under-index in these categories.

The data reflects an evolving automotive landscape where generational differences shape market behavior. Whether it’s EVs, used luxury cars, or financing trends, automakers and dealers need to tailor their strategies to meet the specific needs and preferences of each generation. 

Thanks for reading!

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