Avocado brunches, cocktails with the girls and football with the lads might keep the social life of a millennial at an all-time high, but these indulges could in theory be swapped for a car, new research has found.
Known for their excessive spending and reluctance to make bigger commitments, research by car dealer Shelbourne Motors looked into the spending habits of young adults to highlight how accessible a car on finance could be to a millennial if they were to make the relevant cuts.
The tool comes after research found that 40% of the millennial generation spend more money on meals and nights out than anything else. When asked how much they would be willing to pay for a car on finance each month the most popular answer was up to £75.
By cutting back on small indulgences each month, which might not seem that expensive at the time but add up over the course of a month you could be driving round in a new set of wheels.
For example, A typical millennial man wanting to purchase a Renault Clio, would only have to sacrifice the following each month:
- Tickets to a Premier League game
- 3 pints
- 2 ‘lads’ nights out
Equally, those nights out and tequila shots might seem an excellent idea when impressing the ladies at the bar, but sacrificing a few pints could help lads across the country when wanting to purchase a shiny new motor.
By looking into the typical weekly spending habits of the younger generation, the tool compares monthly out-goings to the average prices of popular cars, before finally highlighting some of the cut-backs a millennial could make in order to purchase the car.
Highlighting the finance options in ‘millennial purchases’ was chosen to help young adults see how their spending could be altered to work towards owning a car on finance.
The new tool can be used on the website and will allow millennials to see visual representations of what they could be getting each month.
Other examples include someone wanting to purchase a Toyota Aygo on finance, who would need to cut back on the following items:
- Flights to Ibiza
- 3 pints in the airport before the flight
- Tickets to a club in Ibiza
A Toyota Aygo on finance, would be available just for sacrificing the following:
- Flights to Marbella
- Cocktails with the girls
- 2 x avocado brunches
Ronan Marshall at Shelbourne Motors commented on the results saying:
“With all the talk in the media around the purchases millennials are making on a day-to-day basis, we wanted to create a tool on our website that would highlight just how easy it would be to purchase a car if an individual in this demographic held back on a few monthly out-goings.
“We can’t deny that a trip to Ibiza and a Saturday night out with friends isn’t fun for everyone involved, but when comparing some of the typical monthly out-goings to some desirable cars, we think people may think twice about that second cocktail at a new indie bar.
“The tool is a great way of showing millennials and young people just how much there spending is adding up to each month, and what it could look like in the bigger picture”.
