Detroit's automakers are doing better selling to young buyers, but South Korean car companies are making the biggest inroads in that segment, primarily at the expense of the Japanese.
That’s the finding of a study of auto registrations by auto research firms R.L. Polk & Co. and Edmunds.com.
The U.S. automakers are doing better in the age 25-to-34 segment by offering “small, fuel-efficient and affordable cars that really appeal to a young set of buyers,” said Jessica Caldwell, an analyst with Edmunds.com.
But she noted that domestic automakers are “chiseling away at the Japanese grip” while Hyundai and Kia, the South Korean brands, “are taking big hacks.”
They are doing this by making cars attractive to young people and doing a good job of providing credit to youthful buyers who have not built up a solid credit history.