I am not a millennial, but it's interesting to hear what is important to them.
The price of new vehicles is not in line with the present economy. Even though the economy is somewhat up, the price of new vehicles is way out of line. Chevy is going to offer an $100,000 luxury pickup truck this coming year, & they are proud of that?
The automotive industry should take note of this -
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Average age of vehicles on U.S. roads hits 11.8 years. That's up from a light-vehicle population that was, on average,11.7 years old in 2018. The number of registered light vehicles in operation in the U.S. hit a record of more than 278 million this year, an increase of more than 5.9 million, or 2.2 percent."
I believe the greed of the automotive industry is cutting their own throats. Having to finance a new vehicle for 6-7 years (72-84 months) is ridiculous! I don't mean to sound judgmental in saying that, but it's such a waste of money! I can't imagine making huge payments on a vehicle for 6-7 years. When you finally have it paid off, what do have left? You probably don't have much save up for the next vehicle and your present one isn't worth much!
A typical vehicle depreciates 20% the first year and 10%/year after that. If you took 7 years to pay off a vehicle, it would lose 80% of its value in the meantime. Then factor in all the interest that paid over all that time.
Keep in mind, many people who take 6-7 years to pay off a new vehicle are probably not shopping for another car. During that time, they are throwing money at a car that just depreciates & meanwhile the price of vehicles continue to rise. When it is all done, their car buying situation may be even worst. Getting a better job or winning the lottery may help!
It's no wonder 11.8 (almost 12 years) is the average age of vehicles on U.S. roads!
Adding automatic climate control to a Mirage is a - who cares? Seriously, does anyone really think that is going to lure more customers into Mitsubishi showrooms? If Mitsubishi would have offered a more basic version of the Mirage for less money, I would have been impressed by that! The Mirage is a cheap, reliable, economy car. Adding more junk to it just makes it a more expensive, reliable economy car. I became interested in the Mirage when I found out I could buy a new one for less than 66% window sticker. Options - I could care less!
Offer new vehicles the average American can afford to buy or finance at a reasonable rate. The vehicles that my dad, brother, & I have bought in recent years had to be financed to get the best deal. Paying cash would have cost many thousands more in some cases. There is something seriously wrong with that! Car are money pits, not investments.