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Why Millennials Are Not Buying New Corvettes

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Why Millennials Are Not Buying New Corvettes

 
Old 02-07-2018, 10:18 AM
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Chris Draper
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Default Why Millennials Are Not Buying New Corvettes

In today's video, I try to tackle a problem that General Motors has been trying to solve for 20 years. Why are millennials not buying new corvettes today?

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Old 02-07-2018, 10:37 AM
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WOW!!! Fireworks are going off in Detroit at the GM offices.

An entitled millennial has solved the biggest question ever...its the money! Listen, Grasshopper, it is always the money!
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Old 02-07-2018, 10:47 AM
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Broke peeps are not able to buy pricey cars. When I bought my 1st new Corvette, 42 years ago, there were also broke peeps that couldn't afford an $11K, new Corvette. The C7 starts @ $60K +/-.

They would sell a lot more units @ $20K. So, that's a revelation?
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Old 02-07-2018, 10:50 AM
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So, the video states that the main problem lies with the price of the Corvette. This is not necessarily the reason. Lots of 20-40 year olds buy expensive cars. They just aren't always buying Corvettes. In my area, most of the people in this age bracket who buy expensive cars buy German cars. I see young people driving M3's and S6's almost daily where I live.

The reason why there is a perception that young people don't buy Corvettes is because the model has alot more competition than it did back in its golden years (1960s and 1970s). The "fast car" genre has also expanded. Back in the '60s and '70s, if you wanted a fast car, you either got a sports car or a muscle car. Today, there are also rally cars, hot hatches, and high-performance luxury sedans. People simply have more choices. I bought a Corvette because it is a third car for me. I can haul my kids and groceries around in my Silverado or my Prius. If I didn't have the other cars and still wanted a daily driver performance car, I would probably be looking more closely at a BMW M5. It's got the performance and it's got car seat anchors.

The Corvette is a good car, and it is well priced. If GM wants to appeal to a younger buyer, they need to broaden the appeal of the name. If they made a Corvette high performance sedan similar to the Porsche Panamera and a Corvette high performance SUV like the Cayenne, they would most certainly sell more units, and possibly to a younger audience.
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Old 02-07-2018, 10:56 AM
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I purchased my first corvette in 1973, 71 big block, I was 25 years old.
But majority 25 year olds couldn’t afford a VW. Nothing has changed in those 45 years..they’re still broke.
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Old 02-07-2018, 11:05 AM
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just head to the thread about "pictures of what you house looks like". That should explain it all. When I look at the thread it screams I should be a millionaire( except the torn up trailer from oz). Granted you can get a base corvette now from the forum dealers at low 50s but the msrp that many see first scare them away. I think they are a tad high now days. If the c8 comes out at 70-75K I may have to skip and go for a year or 2 c7

Last edited by lostsoul; 02-07-2018 at 11:08 AM.
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Old 02-07-2018, 11:11 AM
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Holy Crap what a waste of time listening to that babbling video. I mean seriously how difficult is it to figure out why young people with growing families, home mortgages, etc. are not going to spend 50k upwards on a 2 seat sportscar.
If they are true car enthusiasts then one day they will.
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Old 02-07-2018, 11:17 AM
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Originally Posted by JALLEN4 View Post
WOW!!! Fireworks are going off in Detroit at the GM offices.

An entitled millennial has solved the biggest question ever...its the money! Listen, Grasshopper, it is always the money!


Clickbait to generate views. Not going to watch.
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Old 02-07-2018, 11:21 AM
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Not worth the one minute I wasted..

The kids don't have the coin...no surprise here ..

Besides 36k corvette units sold of the vehicle annually outsells all other 2 seat sports cars priced similiarly...combined...

Mx5 sells 4000 units a year..and sells for 25 grand or half the price of a corvette.

Nissan 370Z sells about 3000 units a year...

Boxster which is priced closest to the corvette sells about 3000 units a year here..

Cayman sells about the sa,e 3000 units a year...here

Corvette sells 36k units a year

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Old 02-07-2018, 11:29 AM
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GM is the one that has been asking the question, not me...
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Old 02-07-2018, 11:30 AM
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Millennials do buy Corvette's... you're looking at 1. We start with Mustangs and spending our money on dumb stuff and move up the chain slowly over years. There are quite a few millennial Corvette owners on this forum itself, guess you don't read many posts. You know as you age you get better with being responsible.... move up the ladder at your job etc. The reasons are all obvious.

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Old 02-07-2018, 11:38 AM
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Ugh....

So tired of this coming up.

It has zero to do with being a millennial, baby boomer, or whatever.

It has to do with most people at 35 are not buying 60k sports cars. How many Corvettes do you think GM sold to people born in 1940 in 1975? My guess is not many. I wonder if Chevy execs used to talk about lack of Baby Boomer Sales in the seventies.

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Old 02-07-2018, 11:39 AM
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My 1st car at 22 yrs. old was a brand new '74 Cadillac Sedan Deville. I paid cash - $7,100.00 out the door for it. I doubt many people in their 20s then or now can afford a new Cadillac, much less a new Corvette.
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Old 02-07-2018, 11:44 AM
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I think for the most part, Millennials are not buying Corvettes because they just don't have the money or the earning power to do so.

As an example of extremes, how prepared is someone getting a sociology, family studies, or some other general liberal arts degree from places like Duke or Wake Forest to go out into the real world and become an economic force with substantial buying power and a comfortable amount of discretionary income?

Someone like that ends up just where we see them --- $200,000 in the hole with college debt, potential earnings of $30,000/yr. and living with their parents, and (maybe) looking for a job or otherwise becoming an ANTIFA protester.

There are exceptions of course --- and those are the ones that are buying the Corvettes --- IF they are so inclined.

(Prolly going to end up getting booted back over into OT PRC with this response).

Last edited by Range_Rat; 02-07-2018 at 11:47 AM.
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Old 02-07-2018, 11:50 AM
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The kids are saddled with student loan debt, have diminishing job prospects, and they're broke. They're more interested in iPhones than cars because that's the only thing they can afford. This isn't rocket science.
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Old 02-07-2018, 11:50 AM
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Don't forget the power of leasing - the ability to put little down with lower payments to give the perception of owning that dream car when in fact you're not. Once the three years elapses, you can get into another brand new dream car. Mercedes and BMW have traditionally offered favorable lease deals to make this happen. I hear the lease terms on the Corvette are atrocious.
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Old 02-07-2018, 11:58 AM
  #17  
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I am sick of hearing about Millennials and how they're not buying Corvettes, Harley's... You name it. I'm in the insurance industry and it's a topic for them too, about how to get Millennials to buy Insurance from company "x". The reason, as others have posted here, is that THEY DON'T HAVE ANY MONEY! How effing hard is that to understand!?! Yes; they're a large group and at some point they'll have money and mature but for now they're content living in their parents basement playing first person shooter games.
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Old 02-07-2018, 12:24 PM
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IMO, the difference between Millennials and previous generations around the same age, is that there was a stronger eagerness for independence. I for one would have rather had my own apartment and drive a beater than live in my parents home and own a nice car.

When I was in my early thirties, I played softball with a guy who was 32, still lived at home with his parents, and bought a new (then) C5 Corvette. I asked him what was he going to do if he met a pretty lady, impressed her with his Corvette and she then wanted to go back to "his" place?!

Mom! The Meatloaf!

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Old 02-07-2018, 12:36 PM
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Big V8 upfront 2 seats no 'green' allure. So young folks buy BMS X3's, Lexus RS, and Cayenne's if they can afford them CRV's and Outback's if they can't. I at a big box store that has covered parking with solar panels for the top. 7 other cars in my row every one was an SUV of some flavor. And so it goes.

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Old 02-07-2018, 12:37 PM
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Originally Posted by dvilin View Post
Holy Crap what a waste of time listening to that babbling video.
I didn't click on it, so I'll have to take your word for the babbling.

I do not "get" this whole video thing, where anyone and apparently everyone has their own youtube "channel" and do these auto reviews or whatever, like I care what some bozo that I never heard of, thinks about the new Mazda Imperium.

Journalists, these people are not.
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