Luxury cars are quickly becoming a status symbol for young professionals. While a large number of people who are buying luxury cars are typically in their 40s and 50s, more younger people are buying the car of their dreams when they’re just starting out in their careers.
Ed Kim, the director of industry analysis for AutoPacific, said member of “Generation Y” are buying the luxury cars that they think they deserve. According to Kim, they don’t feel the need to “earn” their luxury. “They want it now,” he said, “and they feel they deserve it now.”
As a result of this new trend, automakers are jumping into the game by producing sportier and more luxurious versions of their current models.
Sales representatives also need to stay on top of the game with this new trend. According to one marketing official, young buyers know what they want and they know about their cars. In some cases, they may even know “significantly more about the car than the salesperson.” In order to appeal to this new and educated generation, sales representatives need to take a different approach rather than simply repeating the specifications of the cars.
You might be wondering where these “kids” get the money to buy such expensive cars. Many of them take decent-paying jobs and move back home with their parents for a few years. With no rent and few bills, they can save up enough money to make the payments on these coveted cars.
I think I might give my parents a call this week and see if they want to take in another boarder.