People of all ages may need a little support when it comes to buying used cars. After all, it's a big investment, and it often requires assistance in the form of loans and special financing options. Millennials are just one group using these methods to get behind the wheel.
Young people are buying cars
One common myth is that young people, referred to as millennials, are not interested in making big purchases. While it's true that these consumers may have different shopping habits than their predecessors, they are still looking to get behind the wheel. In fact, a recent study from TransUnion found that people born after 1981 are among the fastest-growing groups of drivers.
While this age group may be buying cars, they still need some help. Many are using auto loans to swing a purchase. TransUnion noted that the total outstanding auto loan balance for millennials grew 23 percent in the past year. Individual loan balances also increased 4 percent, reaching an average of $18,678.
"The growth in millennials' auto-loan originations dispels the common myth that millennials are not buying cars," said Jason Laky, senior vice president and automotive business leader for TransUnion, in a company statement. "The growing average-loan balances for millennials, combined with stable delinquency rates, indicate that we are still in the midst of a strong auto-lending environment."
Appealing to millennials
What are millennials looking for in used cars? For starters, they want a wide selection. These young people are often on the hunt for something that fits their specific needs, so being able to browse through many options for the right automobile is a priority. They also want to work with people who are going to be honest. Most millennials value transparency, and they will take their business to a facility that's going to provide them with the best deals and less red tape.
Luckily, many of these drivers can find just what they're looking for at New Jersey State Auto Auction. In addition to the hundreds of Carfax-certified used cars the lot boasts, it also has an easy-to-understand auction process and plenty of financing resources. Drivers of any age can appreciate these features and take advantage of them on their way to a purchase.