In recent years, drivers have been subjected to dealing with a continual roller coaster of gasoline prices at the pump. The lack of secure oil prices has resulted in a new generation of auto consumers placing a higher demand on fuel efficient vehicles.
With hybrid vehicle sales steadily rising every year, more auto manufacturers are listening to consumer needs and designing vehicles that run efficiently–no matter the current price of oil. Even with the most recent fall in gasoline prices, more and more people, especially Millennials, aren’t even considering many other options.
“It’s just a given,” explains Tara Smith, a 22-year-old who recently purchased her first car, a Toyota Prius. “I can’t afford to trust that gas prices won’t rise above my comfort level, so when it came to shopping for a new car, aside from safety, my biggest priority was the level of fuel-efficiency.”
Smith is not alone, in fact, according to a study done by edmonds.com, about 72 percent of Millennials say they have considered buying a hybrid or electric vehicle.
Yet, even non-hybrid cars and SUVs have become much more fuel-efficient in recent years, many of which are getting over 30 mpg on the highway, according to the EPA.
In addition to fuel-efficiency, Millennials also say they’re more drawn to cars that keep them connected. With most people depending on a greater amount of technology than ever before, younger car buyers don’t just want to see new vehicles feature added technological advances, they expect it.
According to the 2015 U.S. Tech Choice Study, conducted by J.D. Powers, “technologies that reduce the overall burden of driving and enhance the safety of the vehicle and its occupants, receive the most consumer attention.” You guessed it, Millennials are the one group willing to pay more for technology-related features in their automobiles.
Another growing preference among younger car buyers is vehicle size. Compact cars are a huge draw, not just because of their often smaller price tags, but also because more Millennials are choosing to reside in urban living areas and have minimal parking access.
It’s quickly becoming clear that Millennials are on the right path not only when it comes to purchasing environmentally-friendly vehicles, but they’re also driving the most current trends in new vehicle standards.
For more information about the latest in green and alternative transportation, be sure to check out the 4th annual Eco-Wheels event, happening right here at The Summit, in Birmingham on October 18th.