The latest post-enquiry survey data from carsales.com.au uncovers marked differences between the purchase drivers, preferred segments and preferred makes of Under 25-year-old car buyers (U25s) as compared to Over 25-year-old car buyers (O25s).
These findings are the result of the analysis of more than 440,000 respondents to carsales’ post enquiry dealer survey, since January 2015. Every enquiry on dealer stock is followed up by carsales, seeking permission to receive a survey giving carsales comprehensive insight into the purchase drivers and preferences of Australian car buyers.
Safety and warranty winners with U25s
Safety and warranty were bigger enquiry drivers for U25s, while O25s were attracted to a greater extent by the prospect of a favourable warranty. Unsurprisingly, U25s are more price conscious than their O25 counterparts, but perhaps not to the degree expected or popularised by media outlets. In stark contrast, O25s were driven to a greater extent by the prospect of owning a particular make, while U25s placed more emphasis on design as an influence on their next purchase.
Smaller for U25s, larger for O25s
carsales post-survey data reinforces popular beliefs that younger, more economically-challenged car buyers, seek out Light and Small passenger car offerings to a higher proportion than O25s. This buyer behaviour is also reflected in SUV categories, with Small SUVs in greater vogue with U25s.
Medium and Large segments – both in decline over 2017 – were far more popular with O25s.
In two of the hottest segments in the Australian marketplace, 4x2 and 4x4 utility vehicles, more expensive 4x4s were favoured by O25s, as opposed to U25s that enquired to a greater degree on 4x2s.
Mainstream brands vary
Ford, Holden, Hyundai and Mitsubishi were mainstream makes skewing towards receiving enquiries from U25s, while Honda, Kia, Nissan and Subaru were favoured by O25s.
Expectedly, given their premium market positioning, makes such as Alfa Romeo, Audi, BMW, Jaguar, Lexus and Mercedes-Benz also had a higher proportion of prospective O25 buyers.
Millennials talking positively about carsales
carsales has jumped up in positive brand buzz amongst 18-34 year olds, climbing 11.7 points higher in the latest YouGovBrandIndex word-of-mouth rankings among millennials. carsales was the second-biggest improver in 2017 behind realestate.com.au.