With Gen Z being the generation that spends the most time on social media, where a luxurious and flashy lifestyle is put on a pedestal, it’s no surprise that they also have a penchant for luxury cars.
What is surprising is how many of them had a luxury car as their first car. According to a recent survey by Heritage Car Insurance, Gen Z is by far the generation most likely to have a “luxury” first car. They are no longer the first cars of old firecrackers that we pray for to start!
With nearly 1 in 6 Gen Z having a BMW as their first car, the brand is the most popular first car among Gen Z. Additionally, 1 in 12 said they have an Audi as their very first vehicle. According to a recent report by CDK Global, Gen Z shoppers are more likely to buy luxury cars than any other generation, with 39% saying the vehicle they purchased was a luxury model.
Gen Zers are more likely to buy a luxury car than any other generation, with BMWs topping their shopping list.
TOP 5 FIRST GEN Z CARS:
- BMW – 14%
- Ford – 12%
- Vauxhall – 8%
- Audi – 8%
What does the future of the automobile look like?
As 2030 draws a line in the sand for the production of new petrol and diesel cars, will car owners of the future be able to afford the hybrid and electric vehicles currently in production and in concept?
And will an environmentally conscious generation of new drivers be able to weigh that cost against the option of driving an older combustion engine car, which might still be clean air zone free and cheaper? gain ?
Andy McDonald, Head of Underwriting at Heritage Car Insurance, comments: “Young new drivers are now favoring more prestigious brands like BMW and Audi, although Ford continues to establish itself as a solid choice.
“We’re also seeing a growing crowd of younger classic car enthusiasts, who won’t want to see these older models fall by the wayside.”
“At the moment, novice drivers aged 18 to 24 largely prefer used cars to new cars. If electric or hybrid vehicles are going to be the first cars of choice (or necessity), then it will have to be there is a decent second-hand supply to make this viable.
“Additionally, there is the ongoing challenge of the cost of car insurance for new or young drivers. Electric vehicle insurance is still an area that insurers and brokers are adjusting to, and it remains to be seen if it will become more affordable over time.
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