Many reports have surfaced that contend Millennials are not interested in new cars and find these purchases less of a necessity than earlier generations.

That said, a study from Strategic Vision was released this week that brings up another potential reason Millennials aren’t on your lot. And the answer may be simple: money.

According to results from Strategic Vision’s New Vehicle Experience Study, even though there are many reasons why new-vehicle sales are slumping for younger buyers, there is one consistent factor — many simply can’t afford them.

Strategic Vision contends that the idea that “younger buyers do not purchase new vehicles because they no longer care about them” may actually be a myth.

“It could not be further from the truth. In reality, they tend to feel a deep emotional connection to their vehicles and would love to buy a new one. The main reason why they do not is because they cannot afford to do so,” company officials further explained.

The economic downturn of 2008 has set Millennials up for a hard introduction into adulthood, and Strategic Vision noted, “They are also on track to have a lower standard of living than their parents,” with student loans, and lack of full-time jobs creating a difficult atmosphere.

The company’s research shows that members of Generation Y may not be detached from the idea of owning a new car, but rather that younger buyers are much more emotionally invested in their vehicles than the average buyer.

“However, compared to those surveyed at the turn of the millennium, they are not looking as much for feelings of freedom, fun, or power from their new vehicle. Their focus has instead shifted more toward prestige and feeling that their needs are met,” according to the study.

So, once the Millennials can conquer some of their financial difficulties, they may enter the new-car market, as well.

Getting Millennials into New Cars

Strategic Vision also explained a few factors that dealers and automakers can focus on to lure Millennials into new cars.

The first point: focus on value.

“Value is what you receive in exchange for what you sacrifice. As the perceived value increases, so does the love that a first-time car buyer has for his vehicle. While it is important to have a low price tag for them, it is equally important for the vehicle to not be ‘cheap,’” company officials said.  "Millennials expect a quality vehicle that can deliver them a sense of security for the amount that they are able to spend. If it is too hard to deliver quality at a low price, other methods can be used to increase the product’s perceived value.”

In other words, focusing on warranties and service packages can help buyers feel like they are getting a bargain and more for their money, even if the price tag is a bit higher.

According to the study, easy versatility might also play a key role in attracting younger buyers.

“Generation Y buyers want a vehicle that makes it easy to transport their friends and their belongings. They look for, and sometimes even demand, convenience,” the  report from Strategic Vision says. “Show the vehicle in ways that are convenient, easy to use and hassle-free. That way they can see how it will help them to be more independent and to live their lives on their own terms.”

Lastly, if they are going to shell out for a new car, Millennials want to be able to make it their own — making customization very important.

Strategic Vision explained that many younger buyers are looking to change their image, and factors such as color coordination and equipment options can help them display their personality through their new-car purchase.

“The good news is that the underlying desire is there. When the time is right, they will purchase new vehicles, and they will love them. Someday there may come a generation of young people that does not care about cars. That generation has not yet arrived,” Strategic Vision concluded.