When it comes to shopping cars, many Millennial tend to choose financing used cars over buying a new car.
Online PR News – 02-December-2015 – Canada – Canadianautolenders.ca Shares the Latest Trends in Buying New and Used Cars in Canada this 2015
When it comes to shopping cars, many Millennial tend to choose financing used cars over buying a new car. This insight is based from the latest survey that was done by a private auto lending company in identifying the buying behavior of most Millennial when it comes to getting a car which is important in many ways like going to the work, sending and fetching the kids in the school.
The primary reason why many millennial car buyers settle for low used car loan rates aside from the flexibility in payments it provides is because of the idea that the car’s values depreciate and that people will not be able to make money that grand for a new car that will only be used to run some errands.
Despite the fact that most Millennial are always updated to the latest technology when it comes to managing their finances they are considered to be an informed consumer due to their heavy access to social media and article reviews with regards to big purchases.
In a study that was conducted by an automotive website, most millennial opt for vehicles like the Dodge Magnum. This is apparent on the record that was charted for the first six months of 2015 where these car shoppers have bought over 27.6% of all the used Dodge Magnums. And this record, in fact, has exceeded the industry average of 16.8% of the overall used car.
According to a used car dealer Ontario, Ca, most car shoppers looking for used cars opt for a medium crossover of all the cars that does not look like a station wagon or a gas-guzzler – that among the many available choices, it’s the Dodge Magnum they mostly prefer for the reason that the vehicle has the following features: long cab, hatchback and sloped roofline, which gives a more contemporary look.
In addition to this, customers in the age bracket of 18-34 are those who most likely to buy used cars. On the other hand, those consumers that is in the age bracket of 40 and above is those who buy brand new cars. And when it comes to the buying behavior, according to the chief economist of the Canadian Automobile Dealers Association, people tend to go back and forth between buying a new car and used the car. That is for the reason that both tend to look for the quality of the car where a ‘three-year-old vehicle that had come off for a lease has the same value as the car that was made 15 years ago.
Yet, for most young Canadian car buyers, they look for affordable auto loans Ontario car dealers recommended where they can ownership through debt and have it paid by themselves. That is due to the fact that this millennial are financially constrained with their student debt and their work startup in less stable job environment which makes it sense for them to opt for used cars where they can maximize the utility.
To know more about used car loan rates and cheap auto loans for used car, visit www.canadianautolenders.ca
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