Thin auto inventories stemming from the chip shortage have had an outsize impact on young consumers, GfK AutoMobility study shows

Young consumers have been the most affected by the current shortage of available vehicles when looking to make a purchase, according to a study by GfK AutoMobility released Tuesday.

Consumers in the 65-plus age group were the most aware of the inventory constraints brought on by the chip shortage, at 59 percent, according to the firm’s research, conducted June 1-28. Those in the 18-to-29 age group were the most likely to change their purchase plans or opt for a different vehicle.

Older consumers were more likely to wait for their first-choice vehicle: While 45 percent of those under 45 said they changed their purchase plans, just 11 percent of those 65-plus did so. The older group was either waiting until existing orders are fulfilled, placing future orders or delaying their purchases altogether, according to a news release.

“Older consumers are showing that they have the resources to wait out today’s shortages, while younger buyers need to replace their vehicles quickly — sometimes by opting for a used or pre-owned car,” said Julie Kenar, senior vice president of GfK AutoMobility.

According to Kenar, higher-end models are disproportionately impacted because of their microchip-dependent advanced technology. Those looking to buy these vehicles might choose other options, she said.

Consumers looking to buy or lease a new sports car or luxury coupe were the most likely to report that their decisions had been affected by the shortages. Those planning to buy an entry-level vehicle or a small car were generally less affected.

Sixty-one percent of consumers 18 to 29 years old switched to another, more available vehicle — new or used — or were willing to give up their preferred features.