The rate of young people buying new cars is declining.

Automakers are constantly innovating their product designs to be more modern, youthful, and technologically advanced, targeting younger customers. However, a recent study indicates that the percentage of young people buying new cars is trending downward.

With the development of science and technology and fashion trends, car manufacturers are constantly racing to innovate product designs to expand their customer base and increase market share in an increasingly competitive market. In particular, the trend of "modernizing" product designs and updating with new technologies and features is being pursued by car manufacturers to attract younger customers. This group includes young people buying their first car, and young individuals and families purchasing new cars for work and daily commuting.

Automakers are constantly racing to innovate and design vehicles targeting younger customers. Photo: BH

Therefore, it's clear that in the last three years, many car models from South Korea, China, Europe, and even those from traditionally conservative Japanese manufacturers have gradually shifted towards a more youthful and modern design. However, automakers risk being caught offside, as a recent study by S&P Global Mobility suggests that the percentage of young customers buying new cars is declining.

According to S&P Global Mobility , in the first quarter of 2025, young customers aged 18-34 accounted for 12% of new car purchases; however, in the two most recent sales quarters, the percentage of customers in this age group buying new cars fell below 10%. Conversely, during the same period, the percentage of customers over 55 in the US buying new cars increased from 45% to nearly 49%. These figures indicate that the percentage of young people buying new cars is trending downward.

The percentage of customers aged 18-34 buying new cars has fallen below 10%.

Source: S&P Global Mobility

Affordability is a major issue for young people wanting to buy a car. According to S&P Global Mobility, monthly payments for new cars have increased by 30% over the past four years. This has increased the pressure of monthly payments for young individuals and families, especially as this group of customers also has to pay off loans for education and training, etc., since the Covid-19 pandemic.

Financial pressure has driven young people to opt for used cars with lower resale value and monthly insurance costs. Many have even given up car ownership altogether, choosing services like ride-sharing, ride-hailing services, and public transportation instead.

The rate of young people buying new cars is trending downward. Photo: BH

Although the rate of young people buying cars is trending downward, according to S&P Global Mobility , the 18-34 age group still purchased 1.1 million new cars in the past 12 months (up to March 2025). Among these, compact urban cars are the most popular choice. Currently, along with Chinese automakers, car manufacturers such as Ford and Volkswagen are also investing in producing small, affordable electric cars to target this younger customer segment.

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Source: https://baonghean.vn/ty-le-nguoi-tre-mua-o-to-moi-dang-sut-giam-10299561.html