Young car buyers increasingly concerned about price, survey finds

Young car buyers increasingly concerned about price, survey finds

Price is becoming more important than ever for young car buyers, new research has suggested.

According to a survey from BCA, 67 per cent of 17-24 year old used car buyers said that price was the strongest influence on their vehicle search. This is the highest figure seen for five years and represents a 14 per cent rise on last year's results.

It demonstrates that younger motorists are clearly more focused on price and are therefore willing to shop around for the best deal. Similarly car dealers themselves are likely to want to assess what options are available to them, whether that is when it comes to securing new stock or obtaining an online motor trade insurance quote.

The research by BCA also found that younger used car buyers were prepared to do more leg-work to find their ideal used car than most other age groups with 22 per cent saying they would visit between three and five forecourts compared to the national figure of 20 per cent.

Young motorists would also travel further afield during the car buying process, with fewer people in this age group stating that they would only shop around at local dealers. Just a third (34 per cent) said they would only travel 20 minutes or less to buy a car, compared to 42 per cent nationally.

Tim Naylor, editor of the BCA Used Car Market Report, said: "The in-depth consumer research undertaken earlier this year shows how younger motorists are highly focused when looking for a vehicle.

"They visit more forecourts than other age groups and look for the very best deal across every aspect of used car ownership, from purchase price to insurance group and running costs... These younger buyers are the future for both the new and used car market sectors so it is important that the retail motor industry understands and meets the needs and aspirations of these Generation Y customers."