Despite that, millennials have different buying habits than older generations, in which dealerships must be aware. First, Fox Business says millennials are impatient and thanks to the internet and other types of technology, millennials are used to having information and services available on demand.
In fact, a study carried out by Autotrader says that almost a fourth of all millennial car shoppers (23%) will not wait ten minutes to test drive a vehicle. Fox Business says 22% said that twenty minutes was too long to wait for financing and paperwork.
In the meantime, Fox Business says millennials also like longer loans. With millennials facing an uncertain job market, many have a large amount of student loan debt. To keep their finances under control, fox business says they want longer auto loans so their monthly payments are lower. In 2015, the average auto loan for a new car sold to a buyer under age 34 for 70.2 months.
We after seeing this habits about millennials, we wanted to reach out to our millennial expert, Jason Dorsey. When it comes to millennials being impatient, Jason says that’s not true, they just have different expectations. He says the reality is, millennials are bringing these expectations of customer efficiency into dealerships and other generations are adopting them, too.
When it comes to millennials liking longer loans, Jason says they don’t. They’re choosing longer loans because they feel they have to. That’s a big difference. He says millennials are having to get longer loans to get their payments down due to the debt and other financial situations in their life.
When it comes to what millennials want, Jason is the expert. He the lead millennials researcher and a Gen Z expert at the center for generational kinetics. He leads research on millennials and Gen Z in multiple industries, including automotive.