NEW research data from Carsales, looking specifically at young buyers aged 16 to 21 years, suggests that the youngest cohort of buyers in the market are more likely than older buyers to conduct online research of cars to buy and were more likely to buy sedans and hatchbacks than older age groups.

Carsales’ latest Consumer Sentiment Report has uncovered fresh insights into how young Australians are approaching the car-buying journey compared to older age groups. Highlights from the research show: 

• Young buyers are doing their research: 81 per cent of this age group visiting carsales said they were using the platform to research cars to buy – significantly higher than the 61 per cent of visitors aged over 21.

• Financial solutions are front of mind: among visitors to carsales, young buyers (14 per cent) were more likely to be exploring finance options than those over 21 years old (7 per cent). 

For almost twice as many, car price is key for this age group, with 80 per cent of young buyers noting affordability based on current prices is a top concern compared to those over 21 years old (47 per cent).

• Looks matter: the style and design of a car is key for 60 per cent of this age group, compared to just 44 per cent of buyers aged over 21. 

• Sedans and hatchbacks top their wishlists: young buyers were significantly more likely to be looking to buy sedans (27 per cent) and hatchbacks (26 per cent) compared to those over 21 years old (19 per cent and 12 per cent respectively).

• Young buyers are more cautious when purchasing: just 7 per cent of this age group were likely to buy a car online without any physical interaction with the car, compared to those over 21 years old (23 per cent).

The head of content, at Carsales, Ben Tyers, said in a statement that the report showed that “as younger and less experienced buyers, many Gen Z consumers are navigating their first major financial decision – and understandably, they can feel unsure about the process. Our past studies have shown that Gen Z buyers aren’t always aware of the full range of resources available to them, including government programs for car buyers and bank or financing options.

Ben Tyers

“This lack of awareness can add to their uncertainty when making such a significant purchase.

“That said, while younger buyers may feel less confident purchasing unassisted, they are highly research-driven and tech-savvy. 

“In fact, 81 per cent of young visitors to carsales are actively using the platform to research before they buy – showing just how engaged they are in making informed choices. They rely heavily on digital social platforms and online reviews … with the right tools and trusted information to support their journey,” Mr Tyers said.