A study by Kelley Blue Book and Autotrader found that the youngest future car buyers — those through age 17 — still value car ownership.
The companies surveyed more than 1,200 members of generation Z and found they are not as materialistic as the millennials who came before them, but 92 percent own or plan to own a vehicle, and 97 percent have or plan to get a license. That stands in contrast to some beliefs that younger buyers will shun car ownership in favor of ride-sharing services like Uber and Lyft or other forms of transportation.
“Gen Z accounts for nearly a quarter (23 percent) of the population right now, and by 2020 this group will translate to $3.2 trillion in purchasing power, which is larger than the GDP of some small countries,” Isabelle Helms, vice president of research and market intelligence for Cox Automotive, Autotrader and Kelley Blue Book’s parent company, said in a statement. “While they will have access to some serious cash, they will be cautious in how they spend their money, a trait that makes Gen Z markedly different than their millennial counterparts.”
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