Millennials More Interested in Used Cars, RVI Analyzes Supply and Price Trends April 2, 2015
Steinlaf_Avi_Edmunds


Milliennials Want Used Cars and Face-to-Face Time with Dealers

Avi Steinlauf
CEO
Edmunds.com

Millennials (age 18-34) make for a significant used car buyers segment. Used car purchases made up 78% of all Millennial car purchases last year, compared to 68% of all car purchases by adults 35 and over. While Millennials made up only 39% of all traffic to used car pages on Edmunds last year, they made up 58% of all mobile traffic to those same pages.

Read all about the new Millennial generation study by Edmunds.com

80% of Millennials Use Mobile Devices for at Least One Car Shopping Task:
Just 46% of people 35 or older do so; reading vehicle reviews is topic of most interest for Millennials.

64% Prefer Face-to-Face Interaction with Dealers as Opposed to Remote Communications:
An overwhelming 96% said that it is important to test drive the car before they buy it.

72% of Millennials Have Considered Buying a Hybrid or Electric Vehicle:
66% said they would consider buying a self-driving car if it goes to market.
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RVI Group Looks at Used Vehicle Supply and Pricing through 2018

Rene Abdalah
Vice President, Passenger Vehicle
RVI Group

Used vehicle prices (measured with seasonal adjustments and applying to 2-to-5 year old vehicles) declined in February 2015. Used vehicle prices declined by 1.4% from January, but increased 1% over February 2014. Real used vehicle prices (after adjusting for MSRP) showed a decline of 1.1% from January. When compared to February of 2014, real used vehicle prices were down 1.1%.

For the entire Quarterly Report from RVI Group, go to www.rvigroup.com

Off Lease Vehicle Supply Forecast to Cause 10% Drop in UC Prices in 2018:
Competition among automakers and incentive activity also expected to increase.

Last Year Was Strong for Lease Penetration at 19.6% of US New Vehicle Sales:
RVI Group predicts higher lease penetration to continue for 2015-16 model year vehicles.

Full-Size Pickups Saw Slight 0.3% Decline and Was One of Best Performers:
Used supply expected to ramp up, putting downward pressure on used prices.
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