Today’s young adults are research experts when searching for the cars they want to buy, but parents may still need to help them make the right buying decisions, studies suggest.
As a group, young adult car buyers aged 18 to 25 are mostly adept at finding and researching the cars they want online and on social media, according to a recent study by CDK Global. However, the same study shows younger car buyers are generally more impulsive than those in older cohorts. Nearly half are more likely to value how a car’s features, brand and appearance reflects their personality over practical factors like pricing and financing.
Many in this demographic do not have the same financial literacy levels as older buyers, and continue to turn to parents for assistance when it comes to major purchases.
While it is very easy for younger car buyers to be swept up in the excitement of brand names, social media hype and the nifty bells and whistles of various cars on the market, they may not do as much homework on the actual car buying process itself. Many may continue to lean on parents for advice on the less flashy aspects of buying a car, like selecting a vendor, arranging financing, navigating sales contracts, and finding out a vehicle’s complete history before committing to a purchase.
Since many vehicle sales are being conducted online today, parents are encouraged to update their car buying knowledge by visiting OMVIC’s website if a young driver in their household is on the hunt for a new set of wheels.
Sections are dedicated to helping consumers understand a variety of topics, including how negative equity works, and the risks associated with private sales and curbsider sales. OMVIC’s consumer protection resources also offers tips about car loans, spotting dishonest sales practices, detecting online advertising scams and understanding all-in price advertising.
For parents, helping young car buyers understand where and how to buy a car is just as important as understanding what to buy. It is critical that parents understand the valuable role they play in filling this knowledge gap.
At OMVIC, we strive to maintain a fair and informed marketplace for consumers, dealers and salespeople. Our website has tips for buying a car online, and our team is always here to support you through every step in your car buying journey.
Feeling confident? Take OMVIC’s car-buying quiz today to see if you have the knowledge to make a safe and informed purchase.