There are always temptations for spending money, especially for millennials in this day age where they can have everything they ever wanted right at their fingertips. However, a new tool has been created that shows millennials if they give up on various indulgences each month, what cars they would be able to afford.
Known for their excessive spending and reluctance to make bigger commitments, research by car dealer Shelbourne Motors looked into the spending habits of young adults to highlight how accessible a car on finance could be to a millennial if they were to make the relevant cuts.
The research found that over 40% of millennials spend more money on nights out and meals with friends that anything else. It seems that millennials would rather have an exciting social life than having expensive items to show for their hard-earned cash.
However, what would they really need to save on to be able to afford a car on finance? The results don’t actually seem that extreme.
For example, A typical millennial man wanting to purchase a Renault Clio, would only have to sacrifice the following each month:
- Tickets to a Premier League game
- 3 pints
- 2 “lads” nights out
Saving on the odd night out here and there could actually result in a nice bit of savings in the long run. Equally, those nights out and tequila shots might seem an excellent idea when impressing the ladies at the bar, but sacrificing a few pints could help lads across the country when wanting to purchase a shiny new motor.
By looking into the typical weekly spending habits of the younger generation, the tool compares monthly out-goings to the average prices of popular cars, before finally highlighting some of the cut-backs a millennial could make in order to purchase the car.
The new tool can be used on the website and will allow millennials to see visual representations of what they could be getting each month. The tool provides various options depending on how much money you would be willing to spend on a car each month.
Other examples include someone wanting to purchase a Toyota Yaris on finance, or millennials might consider Suzuki Swift for their very first car. They would need to cut back on the following items though:
For the girls
- 2x going out outfits
- Bottle of prosecco
- Avocado on toast brunch
- 1 meal out
For the guys
- 1 smart jacket
- A Nandos
- 1 Take out pizza
- 1 night out
- Spotify account
- 1 Snap Back