The study, conducted by management consultants McKinsey & Co, has found that a car is no longer a status symbol (as it was two to three decades ago) and now symbolizes independence. The survey also found that 47 percent of 18 to 39 year olds were willing to pay more for an electric car and were more interested in fuel efficient vehicles.
“It’s not a status symbol like it was 20 or 30 years ago when it centered on what you achieved. Car ownership today is more a symbol of independence and an advanced life style,” said McKinsey partner Hans-Werner Kaas in an interview with The Detroit News. “That’s especially true of young buyers, and it’s becoming more of a connectivity device in itself, enabled by technology and integrated with smart phones and apps. 10 years ago you might just get traffic reports; now it’s all (the internet) seamlessly integrated and helped by Blue Tooth for safe use.”
“Cars today almost without exception are a technology product which drives environmental awareness and fuel efficiency. It’s not just luxury. Manufacturers are making progress even with better ways of making the internal combustion engine work better and making steady progress with hybrids and plug-ins. What car you buy can make an indirect statement that you are aware of the environment,” Kaas continues.