When I was given the assignment to write a blog on "how much truck do you need," I chuckled to myself. For about 12 years I only owned and drove a couple of big old Ford Broncos with overbuilt, oversized engines, full 6" suspension lifts, rolling on 35" tires. Why? Because I liked them! I had fun in them. I mudded.., hard. I drove on the beaches. I drove them in the mountains. I drove them off-road every chance I got, and I drove them on the highway. For me, the only answer I had when folks asked me why I drove such a big truck? I liked it!
For the purpose of this blog, I'm going to discuss consumer based "Light Duty" trucks. Commercial needs for selecting a pick-up are defined by different criteria because the needs are typically a lot more specific.
Marketing is great about inventing new names for every genre and subgenre and niche. If you take a walk through your local dealership’s lot, you’ll see that vehicles are no different. So you want something between a sedan and a van, and you don’t want to drive a soccer-mom mobile. You’re looking at vehicles that are classified as “crossovers” like the Jeep Compass and Honda HR-V, and “SUV” vehicles like the GMC Terrain and the Hyundai Santa Fe, but you have no idea what the difference is. Don’t worry, some of the marketing agents don’t seem to know either!
The car buying process has certainly changed over the past 10 years with all of the information instantly available to the consumer across the internet. For the most part, your basic car buyer is going to know how much they should be paying for a vehicle and what their trade is worth BEFORE they ever set foot onto a car lot. One group that is particularly web and information savvy are the Millennials.
Millennials, in general, are the under-35 consumers. According to MaryLeigh Bliss, chief content officer at Ypulse, “Millennials are not a risk-taking generation, and the recession has majorly impacted their views of luxury and conspicuous consumption. It's not as appealing to them as it was to previous generations to own a car made to ‘show off.’”
So, just what cars are the Millennials buying? Based on 2016 report from MarketWatch, here are the top 3.
Buying a car can be bewildering. You step on the lot, and you see soooo many cars. Some are autos you wouldn’t ever want to drive (but you can easily afford) to your dream vehicle with all the bells and whistles. As you walk through the lot, you start looking at the price tags, and sticker shock starts to set in. You know you have enough money to afford a car payment, but you might not know exactly how much car you can get with that money. This is where a pre-approved car loan can be your best friend. Rather than picking out a car and then getting a car loan, many buyers prefer to go the other way around. So why should you get a car loan approval before stepping on the lot?