Millennials Buy Cars They Can’t Afford for Facebook, Instagram - Mercedes Benz SLK Forum

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#1 Old 08-29-2018
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Millennials Buy Cars They Can’t Afford for Facebook, Instagram

Anew research carried out by Admiral Loans answers the age-old question “If a tree falls in the forest and there’s no one to see it, did it ever fall?”

For millennials, the answer is a resounding no. Pressure to show off on social media is so powerful that the younger generation would rather take out a loan or overspend on a flashy car, since not showing off at all is not even on their horizon as a possibily.

The company queried millennials (aged 19-36) and members of Generation X (37-54) to see how social pressure and social media in particular shaped their choices in terms of the car they bought. As it turns out, most millennials buy cars they can’t afford because they want to show off or emulate influencers and celebrities they look up to.

Only a small percentage of younger respondents said that they were influenced in their car purchase by one of their friends, iNews reports. Most of them cited celebrities who constantly show off their flashy wheels or rich influencers as reason. They also said they would pay half of their monthly salary on a car or would take out finance to get their dream vehicle.

Speaking of dream vehicles, the list included the Audi R8, Ford GT and the BMW i8. About 22 percent of respondents said that their dream car was inspired by what they’d seen on Facebook and 16 percent revealed that they made their purchase because of Instagram.

In short, when it comes to buying a car for millennials, it’s less about practicality or even common sense, and more about showing off and emulating celebrities, even if that means running into serious debt.

And this is not a winning attitude, to state the obvious.

“It’s really important that anyone taking out finance on a car remembers that the most important factor is not what social media, or their mates, think is cool, but picking a car that is affordable to ensure they don’t put themselves under undue financial strain,” Scott Cargill, CEO at Admiral Loans, says of the findings of the research.

“Celebrities and online influencers in particular are likely to be photographed in cars that they have been loaned as part of sponsorship or are using for advertising purposes, there’s a good chance they don’t actually own or pay the finance for those cars themselves and stretching yourself to copy them could land you in financial difficulty,” Cargill adds.
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#2 Old 08-29-2018
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Nothing about millennials surprises me (generalising here so no flame throwers please) but, I think owning a flash car that people cannot afford is fairly common these days with the financing options available (not to the extent shown above).

Just drive through ordinary suburbs and look at how many houses have 2 new cars in the drive of their MacMansion. This was (is) quite common in Australia where the millennials / gen X must to have two brand new cars, a boat, MacMansion and 2 overseas holidays a year and were then wingeing that they could not afford child care and both parents had to work to keep up with the bills.

Reminds me of the Queen song (although they are more my generation).............."I want it all".
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Years ago (more than I care to remember),when I was in the job, I found myself in the Met's car pound under Hyde Park Corner. The pound was stuffed with Porches, Ferraris, Lambos etc, the guy at the pound said they'd all been seized because the owners could only just pay for the HP, but not the insurance
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#4 Old 08-29-2018
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I see this a lot at work where the apprentices are buying performance cars before they are even 20 years old. The finance is is over half their monthly salary and when I ask them how much they pay for insurance I always get the answer ‘it’s only costing me (for example) Ł300’.
When I ask how they get yearly insurance so cheap the the answer is ‘oh I mean a month not a year’!
Us older people tell them they should buy a cheap small engined car for a few years and save up to buy a performance car when they can afford it and the insurance is affordable and 9 out of 10 times the answer is ‘well you and Jon and Dave etc have nice cars so why shouldn’t I?’
It’s pointless trying to explain that we are over 2 1/2 times their age and had years of cheap cars before being able to sensibly buy and insure the performance we always wanted.
The answer is always ‘why wait when I can get finance or a bank loan and have it now?’
It’s all too easy for them these days..
And the government wonder why half of the uk has serious debt issues!
Rant over.
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#5 Old 08-29-2018
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Was saying the other day on the news how many people can't afford there PCP contracts...

...reading this article, I think "PCP" contracts could turn into another "PPI" scandal...??
Risky loans let drivers on minimum wage buy a Ł19k car* | This is Money
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I find they can afford the repayments each month but cant afford the service cost or they need to buy tyres or expensive oil as some burn the oil when new .

So monthly payments just anything that goes wrong or req a service mum and dad Bale them out .

One only has to look around and see young drivers in brand new cars to realise there all leased / finace
Even the huge expensive 4x4 are on 3 year finace with a house morgage on top and once payed off return vehichle and say goodbye to circa Ł24,000 $$$$$$$$$.

And what do you have to show for it photos of it on Facebook
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