Absa Vehicle and Asset Finance (AVAF) says consumers aged 18 to 35 – Millennials and Generation Zs – have year-to-date accounted for 40% of all new-vehicle finance applications and 45% of used-vehicle finance applications.
This translates into 32% of financed new-vehicle sales and 39% of financed used-vehicle sales, underscoring their growing influence on vehicle purchasing trends.
While affordability remains a key consideration, younger consumers are increasingly demonstrating confidence in purchasing new vehicles, indicates AVAF data.
New-vehicle purchases in this demographic increased by 57% between 2024 and 2025, and grew by a further 32% between 2025 and 2026.
In the same vein, used-vehicle purchases increased by 32% between 2024 and 2025, followed by a more moderate 18% increase between 2025 and 2026.
