None of the 17-24 year olds interviewed by British Car Auctions (BCA) as part of its Used Car Market Report said they had received a follow up call from the dealer who sold them their last car within the first month, compared to 47% of all used car buyers.
Despite being the least likely to be contacted by dealers, the BCA research found that younger buyers were more likely to buy a car within the next 12 months than any other age group.
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BCA said that the influence of price on vehicle searches for 17-24 year-old used car buyers reached a five year high in 2015. The research found that 65% of 17-24 year old used car buyers said that the price had the strongest influence on their vehicle search in 2015, up 14% compared to the previous year.
Another research finding was that younger used car buyers were prepared to do more "leg-work" in finding their ideal used car than most other age groups. 22% said they would visit 3-5 forecourts compared to the national figure of 20%. The youngest motorists were also less concerned about buying locally – 34% said they would only travel 20 minutes or less to buy a car – compared to 42% nationally.
"When it comes to the crunch factors affecting a motorist’s choice of vehicle, insurance group takes the number one spot for 17-24 year olds at 23% – much higher than any other age bracket," BCA wrote.
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. They are also very receptive to low interest deals, being more likely to buy a new car on a 0% finance deal than any other age group.
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By GlobalData"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."
