Millennial shoppers, or those whose age falls within the range of 18 to 34, opt for several out-of-production models on the used car market.
In an analysis carried out by Edmunds.com, based on Polk registration data, it was revealed that Dodge Magnum, along with other discontinued but cool and iconic vehicle models as well as family-friendly cars, seems to fascinate the youngest population of used car shoppers in America. Six out of the 10 models which claimed the top spots of the list are no longer manufactured by automakers.
"Millennials are more practical used car shoppers than we might otherwise credit them," stated Jeremy Acevedo, an Edmunds.com Analyst. "They may not go into the shopping process targeting these lesser-known vehicles, but when they see how their price tags stack up against other, better-known vehicles, they suddenly become a lot more attractive. When it comes to used cars, value and utility appear to trump just about anything else for many Millennial buyers."
In the study, the Dodge Magnum, which Chrysler reportedly discontinued way back 2008, has logged nearly 28 percent (specifically, 27.6 percent) share of sales to Millennials, based on data compiled from January to June of this year.
Other discontinued vehicles listed as among the top 10 used cars by share of sales to Millennials include the following: Chrysler Pacifica (27.3 percent); Chevrolet TrailBlazer (25.9 percent); Volkswagen R32 (25.7 percent); Pontiac Aztek (25.5 percent); as well as Saturn Outlook (25.3 percent).
Interestingly, the Pontiac Aztek, which was deemed as one of the ugliest cars in the history as it has a body cladding as well as a weird front end, took the number six spot. Moreover, since 2010, the Pontiac Aztek remained on the top 10 list. In fact, in the year 2010, it recorded the highest share of sales to Millennials.
Edmunds speculates that the car's popularity in the used car market seems to stem from its role in AMC's hit Breaking Bad series.
Acevedo added that the price tag is essential for this particular group of shoppers. These used cars tout to have a cheap price.
The analysis looked at what types of used cars from the 2005 model year to present were purchased by Millennials.
Meanwhile, the other used cars who made it on the top 10 list are the following: Subaru WRX, Nissan GT-R, Dodge Durango, as well as Lexus IS-F.
Greg Gjerdingen | Flickr