What can GM do to get more younger/millenial buyers to buy Corvettes?
11-19-2017, 09:05 PM
#21
Burning Brakes
I know an awful lot of millennials through work and through my kids and I have to say that most of them don’t care about cars. Many don’t even own a car. They take Uber frequently. I have read articles that claim that in 10 years or less self driving cars (and self driving Uber’s and taxis) will change the auto world as we know it. We won’t need all of the parking garages. Who knows, in 10 years electric cars may rule the roost. Hopefully retro kits will be available for those of us with the evil fossil fuel cars.
11-19-2017, 09:13 PM
#22
I believe the majority of Vette owners/purchasers, originated from the 50s, 60s, and 70s. In other words, many have remained loyal to the legacy of the Corvette over the years. Either they wanted one from their youth (like me) or they happened to purchased one of the many since 1953, most all remain firmly planted within that legacy. When I see a 1970 Chevelle while I'm driving my Vette, I look because it is from my past and I appreciate that type of vehicle. The same response would come from the majority of Vette owners when seeing an older model Vette. Although a young Millennial might not even look at it at all since that emotional legacy attachment is not there. A modern two seat sports car that costs more than the average young person's annual salary is just not that interesting. $$$ The market is exactly where it needs to be. You want to sell faster more expensive cars to kids, look at the Focus RS, Mustang, EVO, or WRX strategy.
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TyBoo (11-19-2017)
11-19-2017, 09:17 PM
#23
Advanced
You either have the world's greatest parents, or they didn't realize you were living in the basement! If either of my children had completed college, moved home and then purchased a $70,000 car, the next vehicle they drove would have been a UHaul!
Most parents allow their children to live at home so that the kid can get a head start on saving money for their own home - not so that they can spend a large portion of that money on a depreciating asset like a car.
You should fall down on your knees and thank your parents every day for your financial "independence".
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I know a few other young people who bought cars before houses, because they didn't want to rent (and so they lived at home until they could buy a house closer to 30). This to me is smarter than WASTING your money on renting your entire 20's ....... Financial independence is much easier to achieve, if you come out of college single, when you move back in with your parents.
Most parents allow their children to live at home so that the kid can get a head start on saving money for their own home - not so that they can spend a large portion of that money on a depreciating asset like a car.
You should fall down on your knees and thank your parents every day for your financial "independence".
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I know a few other young people who bought cars before houses, because they didn't want to rent (and so they lived at home until they could buy a house closer to 30). This to me is smarter than WASTING your money on renting your entire 20's ....... Financial independence is much easier to achieve, if you come out of college single, when you move back in with your parents.
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11-19-2017, 09:29 PM
#24
Melting Slicks
I do think they need to look at the big picture. Right now on a Gs-F that is leftover from 2017 you have a money factor of 0.00001. Same on a 2017 Rc-F. That means you can lease a 467hp car that competes with (but isn't as good as an M5 or M4) at a substantially lower monthly lease payment. Yes I understand that GM is getting away with selling this vehicle to the seniors for a long time now but I truly believe they need to consider marketing this masterpiece to younger buyers until its too late. I love the Corvette yet I find myself very aggravated trying to defend it to guys my age who laugh at it and have no idea what they are missing out on while they drive their M4s, C 63 amgs and Lexus RC-Fs.
11-19-2017, 09:30 PM
#25
Instructor
College is a waste of time and money to start with, the problem today is not learning how to be away from mom and dad! Hell I rented until I was 21 then bought my first place! I drove wore out vehicles until i could do better!
I will say this if the younger generation has to do like I did they would not make it!
I will say this if the younger generation has to do like I did they would not make it!
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Corvette ED (11-20-2017)
11-19-2017, 09:52 PM
#26
This is a very interesting thread. Fun to read! Thanks!
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GregNYC (11-20-2017)
11-19-2017, 11:27 PM
#27
Le Mans Master
One other point, you should see what the young college kids are driving, epecially those from China. My son sends me pics from UoO in Oregon several times a weeks of kids driving Bentleys, Lamborghinis and other exotics but no Corvettes.
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JBeng70 (11-20-2017)
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patentcad (11-21-2017)
11-19-2017, 11:57 PM
#29
Melinials don’t seem to have the same passion for cars as earlier generations. My 21 year old daughter is more happy with her Chevy Cruze than she would be in my Corvette. However I think there’s hope. My 13 year old son and his buddies love the Corvette as well as American muscle cars. I don’t think the Corvette is headed for extinction any time soon.
11-20-2017, 12:03 AM
#30
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There have been several threads where the subject of the younger generations comes up. But for some reason, these discussions focus on millennials. Why? They're too young and have too much debt. They haven't had time to accumulate wealth.
If you want to focus on younger buyers, focus on Generation X. Tadge and GM stated when the C7 was released that they were focused on successful individuals in their 40's, that's Gen X, not millennials. Gen Xers have had time to accumulate wealth and are now in the position to purchase upscale vehicles. I think that's the right group to focus on. Millennials will get their turn.
For Boomers that remember the good old days when you could buy a new Corvette for around $30,000 to $35,000 in today's money, those days are gone.
If you want to focus on younger buyers, focus on Generation X. Tadge and GM stated when the C7 was released that they were focused on successful individuals in their 40's, that's Gen X, not millennials. Gen Xers have had time to accumulate wealth and are now in the position to purchase upscale vehicles. I think that's the right group to focus on. Millennials will get their turn.
For Boomers that remember the good old days when you could buy a new Corvette for around $30,000 to $35,000 in today's money, those days are gone.
11-20-2017, 12:06 AM
#31
Race Director
I am a Sales Manager for one of the top Lexus dealers in the world. Over the last few years we had come to the conclusion that the vast majority of our buyers (the ES, the LS, etc owners) were fairly senior people who possibly wont be driving very soon. If we didn't try to target the younger market we might very well end up like Buick or Cadillac where the vast majority of their buyers simply passed away and their children weren't interested in those cars. So over the last few years the company has been trying hard to capture the younger clientele but it will take a while and many of those buyers are now loyal to Bmw, Audi, Mercedes or Infiniti.
At 34 I'm definitely not the typical Corvette buyer. There is no doubt the Corvette even as a base 1lt automatic is a amazingly fun car to buy, maintain without spending an arm and a leg and get very good resale value. I appraise cars all the time the only two American cars that hold exceptional resale value in my opinion are Jeep Wranglers and Corvettes.
What can or should General Motors do to market this amazing machine in a way where more late 20, early 30s buyers would consider it?
The biggest flaw I find is they need to have good factory lease programs. A lot of the high end car market shoppers are leasers who look at MSRP and monthly payments only. They want the car with the highest MSRP at the lowest monthly payment. They get turned off when they find out leasing a Grand Sport that has an MSRP of 79k costs MORE than leasing a $110k Mercedes Benz S class (and the Benz comes with MUCH BETTER customer service and lifetime free car washes when the Vette owner gets treated at the dealer the same as the guy who has an Aveo or a Cruz). Where else do you think GM can do better to market the younger crowd so their iconic car doesn't die eventually?
At 34 I'm definitely not the typical Corvette buyer. There is no doubt the Corvette even as a base 1lt automatic is a amazingly fun car to buy, maintain without spending an arm and a leg and get very good resale value. I appraise cars all the time the only two American cars that hold exceptional resale value in my opinion are Jeep Wranglers and Corvettes.
What can or should General Motors do to market this amazing machine in a way where more late 20, early 30s buyers would consider it?
The biggest flaw I find is they need to have good factory lease programs. A lot of the high end car market shoppers are leasers who look at MSRP and monthly payments only. They want the car with the highest MSRP at the lowest monthly payment. They get turned off when they find out leasing a Grand Sport that has an MSRP of 79k costs MORE than leasing a $110k Mercedes Benz S class (and the Benz comes with MUCH BETTER customer service and lifetime free car washes when the Vette owner gets treated at the dealer the same as the guy who has an Aveo or a Cruz). Where else do you think GM can do better to market the younger crowd so their iconic car doesn't die eventually?
11-20-2017, 01:03 AM
#32
41 years ago at 25 yrs of age I bought my 1st new Corvette in cash. 40 years later this week, I'm buying my 2nd new Corvette for cash. When I was 25, I was making the equivalent of $140K a year in today's dollars. A new Corvette, then, and now would take 1/2 a year's income to pay cash for a new Corvette. Not a whole lot of Americans can even afford a new Corvette.
It doesn't take very many brains to figure out that new Corvettes are pricey - then and now.
Your problem is that the population growth keeps diminishing.
The Country being over run with illegal, uneducated, cheap labor isn't helping any.
It doesn't take very many brains to figure out that new Corvettes are pricey - then and now.
Your problem is that the population growth keeps diminishing.
The Country being over run with illegal, uneducated, cheap labor isn't helping any.
11-20-2017, 01:04 AM
#33
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Younger buyers have more to do than spend money on a non-essential car. Unless that's all they do, owning cars like Corvettes is something that doesn't fit well with finding gainful employment, getting married, buying houses, having a family, etc. The ownership will come for those who work for it.
11-20-2017, 02:30 AM
#34
Advanced
They seem to be addressing the issue by making the ME, to compete with the Ferraris and Poorcjes that younger folks (who like sports cars) seem to prefer.
One thing they could do is make a Corvette SUV. That move worked for Porsche. A thirty-five year old salesman at Kerbeck once told me, “If Corvette made an SUV, I’d be able to retire in two years.”
:-)
One thing they could do is make a Corvette SUV. That move worked for Porsche. A thirty-five year old salesman at Kerbeck once told me, “If Corvette made an SUV, I’d be able to retire in two years.”
:-)
Last edited by GregNYC; 11-20-2017 at 02:31 AM.
11-20-2017, 03:18 AM
#35
ironman77 I quoted your posts below and all I can say is maybe you should have wasted some time and money.
"College is a waste of time and money to start with, the problem today is not learning how to be away from mom and dad! Hell I rented until I was 21 then bought my first place! I drove wore out vehicles until i could do better!
I will say this if the younger generation has to do like I did they would not make it!"
"Foreign people comes here gets a free ride, they pay no taxes,get free education and free stuff."
those communist need to stay out of this country!
"College is a waste of time and money to start with, the problem today is not learning how to be away from mom and dad! Hell I rented until I was 21 then bought my first place! I drove wore out vehicles until i could do better!
I will say this if the younger generation has to do like I did they would not make it!"
"Foreign people comes here gets a free ride, they pay no taxes,get free education and free stuff."
those communist need to stay out of this country!
Last edited by MAGRED-02; 11-20-2017 at 03:20 AM.
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golden2husky (11-25-2017)
11-20-2017, 06:41 AM
#36
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St. Jude Donor '15
"In honor of jpee"
There have been several threads where the subject of the younger generations comes up. But for some reason, these discussions focus on millennials. Why? They're too young and have too much debt. They haven't had time to accumulate wealth.
If you want to focus on younger buyers, focus on Generation X. Tadge and GM stated when the C7 was released that they were focused on successful individuals in their 40's, that's Gen X, not millennials. Gen Xers have had time to accumulate wealth and are now in the position to purchase upscale vehicles. I think that's the right group to focus on. Millennials will get their turn.
For Boomers that remember the good old days when you could buy a new Corvette for around $30,000 to $35,000 in today's money, those days are gone.
If you want to focus on younger buyers, focus on Generation X. Tadge and GM stated when the C7 was released that they were focused on successful individuals in their 40's, that's Gen X, not millennials. Gen Xers have had time to accumulate wealth and are now in the position to purchase upscale vehicles. I think that's the right group to focus on. Millennials will get their turn.
For Boomers that remember the good old days when you could buy a new Corvette for around $30,000 to $35,000 in today's money, those days are gone.
GenX'ers are 35-50 but also went thru the last recession. If anything, they are big-ticket-item gunshy, and reasonably so. But age-wise, it is the right group to focus on. One small problem, I don't know where the ads are for Corvette or if the powers think racing is THE ad, but I see virtually none for the Corvette. Very similar to the way the Volt when it came out was "seen" (or not seen) on tv and other media until it was almost too late.
I very well remember the days when you could buy a new Corvette for $30K-$35K--I did---a new '93. But, you must be talking about the '50s or '60s price of a new Corvette, for "today's money." Every year, due to inflation no matter how small, a dollar today is worth more than a dollar next year. That means a $35K Corvette back in '93 would cost far more in "today's money." How much more? About $59K+. Which happens to be about the cost of a new Stingray.
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LT1 Z51 (11-20-2017)
11-20-2017, 06:54 AM
#37
Race Director
Talk about a company in trouble finding new young buyers? It's Lexus.....omg it's a joke around here ...
Their new styling is pretty far out there and I admire that...
At least Lexus IS trying.
Wacko styling but becoming more balanced lately instead of just sticking that huge grille on the older more sedate sedans and such...
The new LC500 is a more balanced design...and we are hearing even if a little heavy and not really a performance machine it's kind of cool. How many a month are they selling of those?
500 LC500s? Is it young buyers or older people?
I'm betting besides a few rappers it's all over 60 crowd...
Worry more about that than other brands...
Simple fact the kids don't have the coin most of the time.,,some want trucks...some don't even care to drive...
Their new styling is pretty far out there and I admire that...
At least Lexus IS trying.
Wacko styling but becoming more balanced lately instead of just sticking that huge grille on the older more sedate sedans and such...
The new LC500 is a more balanced design...and we are hearing even if a little heavy and not really a performance machine it's kind of cool. How many a month are they selling of those?
500 LC500s? Is it young buyers or older people?
I'm betting besides a few rappers it's all over 60 crowd...
Worry more about that than other brands...
Simple fact the kids don't have the coin most of the time.,,some want trucks...some don't even care to drive...
11-20-2017, 07:06 AM
#39
Burning Brakes
Good point. I can’t recall seeing an ad for a Corvette in decades. Maybe that is by design. Maybe Chevrolet is happy with the volume that they sell? I attached a small few at random but a Google search has thousands and most seem to be C2’s or C3’s. Chevrolet definitely targeted various demographics with their ads. I know when I was younger and saw one of those ads it sure made me want a Corvette.
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ptran00 (12-13-2017)
11-20-2017, 07:23 AM
#40
Drifting
Everyone probably already knows this. But for a young person unless your on your parents car insurance to afford the car payment and the High insurance rate it is very tough for a young person to buy a Corvette. I have heard over the years where someone could afford the corvette payment but then trying to pay for the car insurance makes it hard.