Millennial Car Buying? Know this Before You Buy
Buying a car can be an overwhelming process for any individual or family but in 2015 Millennials are taking a different approach to the entire car-buying process. While Millennials' preferences may start off as image-conscious and aspirational it quickly turns more practical as they age. Still, if you fall in the 25-34 age group and are considering purchasing a new or used vehicle, keep in mind these tips to help you along the way.
Whether you are in the market for a new or used vehicle one of the most important steps is to set a budget. Having an idea of how much you are willing to spend will make the car buying process more focused. Our car affordability calculator is a great tool for determining your car buying budget.
Financing is another important part of the car-buying process. While most dealerships offer financing opportunities, it is important to research all options and determine the best interest rate available to you. At RBFCU we work hard to provide an easy car buying experience for our members. Our low interest rates, as well as our partnership with dealerships provide a smooth loan process. We also offer our members buyers checks to better negotiate the purchase price are some of the ways we work hard to simplify car-buying.
Shop online! As the generation on-the-go, shopping online is an efficient way to research your options, locate vehicles that are for sale and read reviews on particular cars from other owners. According to auAs with other generations, Millennials are undecided on a potential vehicle until they search online. However, by the time they actually visit the dealership most commit to the choice they made online.
Deciding what type of vehicle you are looking for or what type of vehicle you need will also help get you going in the right direction. With today's environmentally conscious society and a generation that is affected by student loan debt, one of the top features Millennials consider when car buying, aside from cost, is fuel efficiency. This is quickly followed by in-car technology. A desire to be constantly connected to family, friends, emails, and social media, means features that integrate smartphones directly to vehicles and even Wi-Fi capabilities are also high on the vehicle consideration list. With so many options in today's auto market, thinking about what your vehicle will be used for, what type of features you would most take advantage of, fuel efficiency, and even color preference will narrow your options.
Finally, test driving the top three vehicle choices you are considering is essential to making your final decision. Shopping online is a great option to save time but nothing beats sitting behind the wheel of your top picks. Buying a vehicle is a big investment and the drive, ride, space, and overall “feel” of each is unique. Being able to fully test each vehicle will assist you as you make that all-important decision.