POUND NOTES Gen Z save £2k to get on the road

Gen Z, young people aged 17-24, have stockpiled an average of £2,000 as a result of lockdown restrictions and more than three fifths (61%) of them plan to use this money to buy a new car.

The research by Auto Trader also uncovered what Gen Z prioritises when it comes to buying a motor, and one of the biggest considerations is that the brand plays its part in protecting against the climate crisis, with more than a quarter (27%) of Gen Zers citing this as important.

A fifth of 17-24-year olds revealed they would consider buying an Electric Vehicle or Alternative Fuel Vehicle. This follows on from findings revealing that three quarters (77%) of Gen Zers admitted lockdown had made them more sustainably focused, in comparison to only half (54%) of Generation X (55-64-year olds).

Important car features for Gen Z include a good GPS system, while appearance also proved key, with a quarter (25%) of Gen Zers confessing wanting a car that will ‘reflect their personality’ and one in 10 (11%) of the social-media savvy generation admitted being after a car that’s ‘Instagrammable’.

This research follows DVLA data revealing that young driver numbers have dropped to the lowest level ever recorded, with driving lessons and tests suspended due to the Covid-19 pandemic.

Erin Baker, Editorial Director at Auto Trader says: “Despite the challenges felt around lockdowns, it is great to see that Gen Z are overcoming financial concerns to reap the benefits they will get from owning a car.

“It’s a marked change from their usual trend of waiting until older years to buy.”

A fifth of 17-24-year olds would consider an electric vehicle