There are a lot of young people out there that want the latest car technology but think they cannot afford it, according to a study from GfK Analysis. If they only knew about the technology horsepower in such entry-level rides as the Chevy Spark. And although Mini isn’t exactly known as an inexpensive brand, the arguably-baby BMW has the British tech horsepower to take on a $90K Lexus.
According to the study, the trick for car makers and aftermarket vendors is to harness that interest while staying within the younger generations’ limited budgets. Unfortunately, most youngsters think they can’t afford tip-top-tech.
“These two groups also indexed well above-average in their willingness to pay extra for a variety of advanced car technologies, including visual warning of nearby emergency vehicle activity, seats that automatically go to driver’s preferred position, and spill-proof car devices. In contrast, Generation X (ages 35 to 44) showed average willingness to pay for new technologies, while Boomers (45 to 64) were below average. But these younger groups often see today’s auto technologies as over-priced; more than half (52%) of Gen Z, and 46% of Gen Y, agreed with the statement, “I’d love new auto technology, but it seems too expensive.”
“We generally associate advanced technology with luxury vehicles for older buyers,” said Jeff Campana, SVP of GfK’s Automotive team. “But Generations Y and Z are already highly attuned to technology and its benefits.”
And if a new vehicle isn’t in the cards,
all these youngsters need to do is turn to the aftermarket. After all, if your 2008 Civic is lacking in the technology department, all it would take is a nice Kenwood or Sony double-DIN headunit swap to integrate navigation, Bluetooth, MirrorLink, wireless internet, and other amazing features without ditching the car. Just ditch the deck.
This GfK Automotive study of young drivers and new vehicle technology was authored by analysts Samantha Tridle and Lisa Kong.