Adults in the 25 to 34 year old age range are definitely interested in new vehicles and technology, and they are interested in buying new cars. A recent survey found that to research new vehicles, millennials will use rentals as an extended test drive to research future purchases.
Many studies have been done recently that seem to point more toward young adults’ interest in technology far exceeding their desire to buy a car. However, Enterprise Holdings’ recent survey suggests otherwise, finding that adults this age believe that owning a vehicle is “extremely important.” In addition, 68 percent of those say that their first experiences with new auto technology are through rental cars.
This proves that rental cars that are decked out with the latest in technology are the best way to market the products to millenials, says Kurt Kohler, senior VP for acquisition and marketing at Enterprise. He says the company bought over 6 percent of all light trucks and cars last year in the US, making the rental market a great place to automakers to advertise. He agreed that the survey results mean that rentals can be an extended test drive for young adults that often leads to shopping and purchasing a vehicle.
The survey also stated that 53 percent of young adults that rent choose the vehicle based on some new technology product they are interested in trying. In addition, a positive experience with a new vehicle rental among this age group was responsible for changing the minds of millenials regarding specific makes and models and lead to 28 percent of these to begin shopping for a new car. These figures are higher than in other age groups (71 percent with a positive experience and 20 percent of those began shopping).
It simply “got them in the mood,” says Kohler. “They’re seeing all these innovations, interiors are getting better and the quality of the car is improving.”
The study was web based and conducted in the last two quarters of 2013. It had 1,363 participants selected randomly from Enterprise’s customer database. The participants had to be at least 25 years old, current vehicle owners and have rented within the last six months.