The youngest drivers in the market for new cars would rather buy Ford cars than any other, according to research company MaritzCX.
A study by the company surveyed consumers from across the market, but it found that members of Generation Z, that is people aged 2-19, would prefer to buy Ford cars over other brands.
Of just over 1,000 young people surveyed, MaritzCX found that 8.2 per cent of them would “seriously consider” buying a Ford, with Toyota and Chevrolet following in second and third places.
Fuel economy a major concern
According to the statistics, fuel economy was also a significant concern with young people, with more than a third saying that they’d consider frugality over any other attributes.
Second and third most noted reasons for buying a new car was a previous vehicle getting too old, or repairs to their current vehicle becoming too costly or too frequent.
Chris Travell, MaritzCX’s vice president for strategic consulting, said: “Making decisions based on fuel economy and value explains why these buyers tend to shop brands like Ford, which builds vehicles that prioritize these attributes.”
While current consumer stats show that the popularity of SUV and crossover vehicles is starting to dominate the market, the study showed that young people vastly prefer city cars and superminis.
According to the company’s data, four in five young car buyers would rather have a small-sized car rather than a larger, and typically less economical, SUV, crossover or truck-style vehicle.
A total of 41.1 per cent of those surveyed would like a compact hatchback like the Ford Focus, while 11.6 per cent responded that they would prefer a smaller car, like the Ford Fiesta supermini.
This could reflect a change in consumer trends as young buyers mature, meaning that smaller, more economical cars could become the dominant market segment in the coming years.
Change in market trends
Mr Travell said: “The youngest new vehicle buyers tend to have less money than older folks, so it’s no surprise they overwhelmingly shop cars rather than more expensive utilities or trucks.
“Gen Z shoppers are driven largely by financial constraints, and car segment offerings tend to be most affordable.”
While young drivers currently make up a small percentage of new car buyers today, they represent two billion people globally, making them the largest single age group on the planet.
Representing a massive 21 per cent of the world’s total population, it’s expected that their purchasing power will be equal to around $3.2 trillion each year by 2020.
If you’re a young driver in the market for a new car and interested in a Ford model or any other car in our extensive range, why not check out our website or get in touch with your local Perrys dealer?