Gen Z car buyers have a penchant for luxury cars, according to a UK survey.
Heritage Car Insurance survey found Gen Z - anyone born between 1996 and the early-mid 2000s - is more likely to buy a luxury car than any other generation
BMW is the most popular first car among Gen Z - almost one in six had a BMW as a first car, while one in 12 had an Audi.
According to a recent report by CDK Global, 39 per cent said the vehicle they bought was a luxury model.
Andy McDonald, Underwriting Manager at Heritage Car Insurance, says young new drivers are favouring more prestige brands, though Ford continues to hold its own as a solid choice.
“We're seeing a growing young crowd of classic car enthusiasts too, who won't want to see those older models fall by the wayside. At the moment, first-time drivers aged 18-24 vastly favour second-hand cars over new. If electric or hybrid vehicles are going to be the first cars of choice (or necessity ), then there will need to be a decent second-hand supply to make this viable.
There is also the ongoing challenge of the cost of car insurance for new or young drivers.
"Insuring electric vehicles is still an area insurers and brokers are adapting into, and it remains to be seen whether this will become more affordable over time.”
TOP 5 GEN Z FIRST CARS: BMW - 14%; Ford - 12%; Vauxhall - 8%; Audi - 8%; Volkswagen - 7%.
