There are always temptations for spending money, especially for millennials today, 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 tool comes after the research found that 40% of the millennial generation spend more money on meals and nights out than anything else. When asked how much they would be willing to pay for a car on finance each month the most popular answer was up to £75.
By cutting back on small indulgences each month, which might not seem that expensive at the time but add up over the course of a month you could be driving round in a new set of wheels.
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
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.
Other examples include someone wanting to purchase a Toyota GT86 on finance, who would need to cut back on the following items:
- 3x nights out (excluding the additional spontaneous nights)
- 2 x new outfit for a night out
- Takeaway after the night out
- 1 x Mcdonalds
- 2 x Starbucks
- 2 x meals out
