Status pressure is driving half of millennials to buy a car they can’t afford – and social media is partly to blame
Nearly a quarter of 19 to 36 year olds admit that Facebook had a big impact on their car purchase, while 16 per cent were influenced by Instagram
A WORRYING 53 per cent of millennials are buying cars to fulfil social aspirations.
While 22 per cent of 19 to 36 year olds admitted that their friends influenced their motoring purchase, the same amount claimed Facebook, specifically, had a big impact on their decision.
An investigation by Admiral Car Finance also found that 16 per cent of young people were influenced by Instagram when buying a car.
Posts of celebrities and their cars also played a part in 14 per cent of millennials' motor choices, with 37 per cent following car-related social media influencers.
Meanwhile, almost two thirds of young drivers take out finance plans to fund their purchase and 31 per cent are willing to spend over £500 a month on deals.
The study also found that more than one in 10 are prepared to use half of their salary on a car.
Nearly half of millennials post pictures of their cars or themselves inside their cars on social media.
The BMW i8, Audi R8 and Ford GT are the most desired cars for the age group.
However, the top three cars owned by young people are the Ford Fiesta, Vauzhall Corsa and the VW Golf.
Scott Cargill, Admiral Loans CEO, said: "It’s really important that anyone taking out finance on a car remembers that the most important factor is not what social media, or their mates, think is cool, but picking a car that is affordable to ensure they don’t put themselves under undue financial strain.
“Celebrities and online influencers in particular are likely to be photographed in cars that they have been loaned as part of sponsorship or are using for advertising purposes.
"There’s a good chance they don’t actually own or pay the finance for those cars themselves and stretching yourself to copy them could land you in financial difficulty.”
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Dr Dean Burnett, author and neuroscientist, said: "In the current economic climate where traditional milestones like owning a home or securing permanent employment are increasingly out of reach for the younger generation of millennials, it seems that other factors are influencing decisions like car buying.
"Social status in an increasingly interconnected world is becoming far more important as a result."