Sales of new cars will not take a hit in the near future, as almost all youngsters from Generation Z plan to get a license and to own a car, according to a new study.
There have been many studies lately pointing out that sales of new cars are to be hampered in the near future by the growth of car and ride sharing services and it is said that Millennials, those born after 1980, are not so keen anymore to own a car. But automakers should relax, as Generation Z – those up to 17 years old – has another perspective. A new research from Autotrader and Kelley Blue Book shows 92 percent of Gen Z own or plan to own a vehicle, and 97 percent have or plan to get a license. In fact, they look forward to it, citing that it makes them feel free (32 percent), responsible (29 percent) and excited (23 percent).
A car that is environmentally friendly is not so important for them, only for 27 percent showing interest in this aspect, but instead price is named the key factor to Generation Z at 77 percent, higher than it was for Millennials in their teen years (72 percent). Moving to style or brand, teenagers are not so focused on these criteria, as importance of style was rated at 49 percent versus 57 percent for Millennials, while the brand is important for 23 percent for Gen Z versus 34 percent for Millennials. Generation Z are surprisingly traditional, naming Ford, Chevrolet and Honda as their preferred automotive badges for their practicality, while only 1 percent cited Tesla as a top brand.
More than half of Generation Z respondents also find fully self-driving vehicles appealing. 47 percent of them want most cars to drive themselves in the next 10 years, but they raised some safety concerns. Despite being technology natives, 65 percent say “lack of trust in the technology to work” is a barrier, while 41 percent cite concerns that the autonomous cars will not drive as well as people.