Used Car Dealer in Conover, NC sees Generation Y Baby Boomers as the Key; 

Young Car Buyers Go Used

Generation Y baby boomers hold the key to jump starting the automotive industry in the United States, according to a new survey from Deloitte. Bruce Roffey, Automotive Transportation and Finance Expert of Village Motors in Conover NC, agrees. “We’ve been serving and supporting families in the Catawba Valley since 1969. We’ve always looked to the youth as the future of not only our used car dealership, but also as the key to economic recovery in Catawba county. “ 

In collaboration with The Eli Broad Graduate School of Management at Michigan State University, the Deloitte survey indicates Gen Y consumers may have an increasingly positive view of everything from auto jobs to American-made vehicles. 

The survey, Gen Y: Making the Short List, reveals that perceptions of the auto industry may be improving. In last year’s Deloitte Gen Y survey, nearly 70 per cent of respondents were not interested in working in the automotive industry. In this year’s survey, only 50 per cent of Gen Y respondents said the idea of working in the US auto industry was not appealing, showing a significant change in perception year to year.

“A 20 point shift over a year may be indicative of a change in perception of the industry,” said Michelle Collins, vice chairman and US automotive sector leader, Deloitte.

“Among the list of challenges facing companies in the current economic environment, recruiting and retaining the best workers is vital to supporting growth initiatives today and in the future.”

Collins added that gen Y consumers may also be taking the value proposition of used cars versus new cars a lot more seriously. According to the survey, approximately 63 per cent of Gen Y respondents believe used cars are a greater value than new cars and they’re more than three times as likely to purchase used cars over new.

“Generation Y is typically a group that thinks ‘newer is better,’ but as the economy is slow to recover and jobs are hard to find, this generation may help reshape the car buying process,” said Collins.
Roffey said that Generation Y has turned out to be smarter than anyone has given them credit for. “Experts in both the automotive and the automotive finance industries (such as Dave Ramsey and Suzie Orman, to name a few) have been preaching about the savings of pre-owned cars as opposed to new cars for many years.  Simply put, the young folks have it right…used cars are a much better bargain. Always have been and always will be.” 

Another theme emerging from the survey results is that the Gen Y respondents are “particularly loyal to brand and country when it comes to automobiles. The survey showed that the “Made in the USA” label still carries a lot of weight. More than 50 per cent of Gen Y respondents stated it’s important that the vehicle be manufactured in an American factory regardless of the brand. Additionally, nearly half (42 per cent) of respondents reported they expect to be driving the same vehicle brand in five years.