Millennial buyers in the U.S. are giving discontinued vehicles a second chance at life.
Edmunds.com data shows that six of the top 10 used cars with the largest penetration of Millennial buyers are an array of unlikely, out of production models, such as the Dodge Magnum, Chrysler Pacifica and Pontiac Aztek.
The Dodge Magnum topped the list, with 27.6 per cent of the used vehicles in the U.S. bought by Millennial shoppers in the first six months of 2015. That outpaces any other vehicle in the used car market, and exceeds the overall used car industry average of 16.8 per cent.
“Millennials are more practical used car shoppers than we might otherwise credit them,” said Jeremy Acevedo, Analyst for Edmunds.com.
“They may not go into the shopping process targeting these lesser-known vehicles, but when they see how their price tags stack up against other, better-known vehicles, they suddenly become a lot more attractive. When it comes to used cars, value and utility appear to trump just about anything else for many Millennial buyers,” he added.
The price tags might be attractive, even if the vehicle isn’t. The Pontiac Aztek, which Edmunds.com called one of the ugliest vehicles of all time, has enjoyed a renaissance of sorts with young buyers in the used market.
The Aztek maintained a top 10 Millennial share in four of the last five years. Edmunds said that’s likely because of the “Breaking Bad Effect.” The popular TV show’s character, Walter White, drove an Aztek.
Edmunds also found Millennials are gravitating towards the used passenger van segment (including minivans), where the demographic made up about 20 per cent of all purchases this year. The Volkwagen Routan, Nissan Quest and Honda Odyssey were the most popular used vehicles in this segment.
Source: Edmunds.com analysis of Polk Registration Data
*vehicle no longer in production
