Generation Y — born roughly from 1977 to 1994 — are more than 80 million strong and nearly 50 million of them plan to buy a new or used car in the next three years, according to Craig Griffi, Deloitte vice chairman and automotive practice leader
"There's been a lot of conjecture about whether Gen-Yers even like driving," Griffi said. But Deloitte found nearly two-thirds of Gen Y Americans "would indicate that they love their cars."
Nearly 700 Gen-Y-age Americans participated in Deloitte's survey, which encompassed more than 23,000 respondents across 19 countries. The company will release full results later this year, but it disclosed some findings earlier this week on a group that automakers have spent years trying to understand.
To be sure, Deloitte notes some of America's car culture has been lost. Gen Y faces three barriers to vehicle shopping: needs being met by other transportation like walking, mass transit and car-sharing programs; operational costs such as fuel and maintenance; and vehicle affordability.
Start with the first one. More than two-thirds of Gen Y consumers "would prefer to live in neighborhoods with everything in walking distance," Griffi said. Given rising traffic congestion, that isn't necessarily a problem, but "obviously the vehicle starts to become less important," he added.
Unless it drives itself. A high percentage Gen Y consumers view self- driving cars — anathema to performance enthusiasts, but an inexorable goal for the auto industry — as a big benefit, said Joe Vitale, who leads Deloitte's global automotive sector.
That doesn't mean Gen Y wants to abandon wheels altogether. Just 29 percent said they'd be willing to give up their personal cars for other forms of mobility, Deloitte notes. Semi-autonomous technologies that help drivers avoid accidents score big with the group. Some four-fifths of resp! ondents rated technology that helps the vehicle avoid crashes as very important, Vitale said.
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