Half of millennials buy cars to ‘boost social profile’
Over half of so-called millennial drivers admit to buying cars to enhance their online profile – even if they can’t afford them.Over half of so-called millennial drivers admit to buying cars to enhance their online profile – even if they can’t afford them.
According to a new survey 53% of young motorists have bought a car for prestige reasons, with many blaming social media pressures for their purchases.
The Admiral research reveals almost a quarter (22%) of drivers aged 19 to 36 have been influenced by Facebook, while a further 16% have been swayed by Instagram.
And these drivers are increasingly buying cars beyond their means, with a worrying two thirds (64%) taking out finance plans to fund their spending.
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The survey shows the effect of celebrities and social media influencers on young drivers, with 14% admitting that these profiles influence their car choices.
But the financial implications of this could be costly, with 31% of young drivers saying they would spend over £500 a month on car financing deals.
And a surprising 13% are willing to spend half of their salary on the right vehicle.
Nearly half of millennials post photos of their cars on social media, with the survey revealing the most popular to be the Ford Fiesta, Vauxhall Corsa and Volkswagen Golf.
But the most desired cars for young drivers are the BMW i8, Audi R8 and Ford GT, which may explain why so many are looking at financing options.
SEE ALSO: Graduated licences for young drivers will ‘prevent loss of lives’
Admiral’s Scott Cargill advises young motorists to ignore social media personalities and choose cars that are affordable, to ensure they don’t put themselves under financial strain.
For young drivers looking to buy their first cars, check out RAC’s complete guide to some of the best first cars on the market and make sure you buy the car that’s right for you.
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