5 things about millennial car buyers that you need to know

The automotive industry is slowly making way for new ideas as the needs of the greater population also change. The most recent news in the automobile industry states that GM just invested $500 million in an Uber competitor, Lyft.

GM just invested $500 million in an Uber competitor, Lyft

Volkswagen, on the other hand, invested in Gett. While Toyota did not announce the amount they invested in Getaround and Uber, Apple invested $1 billion in Uber’s biggest rival company in China called Didi Chuxing. Hyundai is taking a new approach to vehicle ownership that aims to make it easier for millennials to own a vehicle.

As you can see, these companies made massive investments in ride-hailing and ride-sharing services. But if you think that the future of buying cars is heading towards a sinkhole, that’s a big mistake.

In the Philippines, only a small percentage of the millennial population makes use of ride-sharing services because of its unavailability in a lot of places. A portion of those who use ride-sharing services says that they will continue to use ride-sharing services until they can afford their own vehicle. More than half of the population aged 18 to 33 years plan to have their own vehicle in the next two to five years.

1. Millennials are a new breed of car buyers

Most millennials are very open-minded to car-buying. A lot of them don’t really mind the brand name or the status that comes with a vehicle; it’s a practical need rather than a “want.”

If companies want to entice millennials into buying a car, they should come up with a few strategies to market their units with the demographic in mind. Philkotse.com listed some of these strategies below:

2. More digital means more convenience

A big chunk of the population of millennials who want to buy a vehicle first browse the internet before actually visiting a dealership. Hence, offers need to be immediately evident on digital platforms.

Millennials who utilize their smartphones in the car-buying process mostly want to get leverage by hunting for the best deals and current prices. They also search for reviews, specs, and the best dealers in their area. Millennials live in a time where their smartphone is there to provide a response-rich environment where all the answers are at their fingertips.

Most millennials who want to buy a vehicle first browse the internet before actually visiting a dealership

>>> Read more: Buying Engine Parts Online: Yay or Nay?

3. Highlight the techy features

In a recent study of the millennial market, nine out of 10 states that they would highly consider investing their money in a vehicle with more tech features than in one that hasn’t. Some of the most desirable “high-tech features” that millennials would invest in are smartphone-compatible applications, touch-screen interfaces, and in-dash technology.

If you want to sell a vehicle to a millennial, consider highlighting the techy features that will expand their digital lifestyle.

Consider highlighting the techy features that will expand the millennials' digital lifestyle

>>> Check out: 9 essential car features that you need to know before taking the wheel.

4. Make everything as effortless as possible

If your website takes longer than three seconds to load, most millennials are bound to search elsewhere. This generation of car buyers has a low tolerance for processes that take too long. In a generation where you can hail a taxi, buy groceries, and get answers to your homework with just a tap on your smartphone, vague terms and slow processes are the two factors that will blow you out of the water.

To put it simply, millennials will always opt for options that can provide them with faster results. A slow process can make a whole unit worth disregarding, and they can always find another to consider.

Millennials will always opt for options that can provide them with faster results

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5. Let trust be your foundation

If you’re a millennial yourself or have kids that belong to this generation, then you may very well be aware that they are most likely to be influenced by bloggers and internet celebs on social media sites. In fact, eight out of 10 millennials are most likely to be influenced by internet stars when it comes to vehicle-buying.

The newest generation of vehicle buyers may just be the hardest to please for sales and dealer associates. Millennials are more likely to believe in what the online community is saying rather than the representatives or the seller. If you want to attract more millennials, you need to deliver valuable content to millennials through the platform they use the most – the internet.

Eight out of 10 millennials are most likely to be influenced by internet stars when it comes to vehicle-buying

If you don’t know where to start, create entertaining, engaging, and informative content like how-tos, dos, and don’ts, pros, and cons of buying particular types of vehicles, best sites for car-buying as well as other advice and tips that could help the millennial buyer.

Asides from good, quality content, you also need to ensure that the rest of your entry is competitive and millennial-friendly. That means the website should easily load with good graphics.

>>> Tips for you: Important Facts About Buying a Car Online in the Philippines to Avoid Being Scammed.

6. Highlight the proof

A lot of millennials these days consider other people’s prior experience with any product to be important. In fact, the review section of selling websites can actually influence whether they would pursue a purchase or not. Also, seven out of 10 millennial buyers say that it is vital to read other user-generated opinions before making a purchase.

The proof that millennial buyers are looking for can be testimonies, media mentions, case studies, and suggestions of other famous celebrities they trust. A big number of millennials nowadays feels the social responsibility to share their experience, whether it’s good or bad, about the goods or service that they paid for.