Holiday shopping looks a little different when the "big gift" sitting in the driveway is for you. As end-of-year promotions, bonuses, and attractive financing roll in, more Americans are jumping on the chance to upgrade their ride before January hits. This survey explored who's self-gifting a new vehicle, what pushed them to buy now, and the features that mattered most when choosing their holiday wheels.
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The Self-Gifting Surge: How Many Americans Are Buying Vehicles for Themselves This Holiday?
Extreme Terrain Staff
/ Dec 11 2023
Key Takeaways
- Nearly 1 in 3 Americans (29%) have purchased or plan to purchase a vehicle for the holidays this year.
- Americans who purchased a vehicle this holiday season spent an average of $30,000.
- Toyota, Honda, and Ford were the most popular vehicle brands purchased this holiday season.
- More than 1 in 5 Americans (23%) plan to use their year-end or holiday bonus to buy a vehicle in Q4, and another 14% have already done so.
- Social media is shaping car-buying decisions for about 1 in 5 Americans, and among those influenced, TikTok stands out as the top platform, driving 53% of holiday vehicle purchases.
Why Americans Are Buying Vehicles for Themselves This Holiday
- 29% of Americans have purchased or plan to purchase a vehicle for the holidays this year.
- Americans who purchased a vehicle this holiday season spent an average of $30,000, and 1 in 10 spent over $60,000.
Average Holiday Vehicle Spending by Generation
- Gen X and older: $33,200
- Millennials: $29,700
- Gen Z: $28,500
Top Vehicle Brands Purchased This Holiday Season
- Toyota
- Honda
- Ford
- Chevrolet
- Hyundai
- Tesla
- Subaru
- Jeep
- Nissan
- BMW
Top Vehicle Brands Purchased or Plan to Purchase by Generation
Gen X and older
- Toyota
- Hyundai
- Ford
Millennials
- Toyota
- Honda
- Ford
Gen Z
- Honda
- Ford
- Toyota
Most Popular Vehicle Types Purchased This Holiday Season
- Midsize SUV
- Small SUV
- Sedan
- Full-size SUV
- Hybrid
- Luxury car
- Pickup truck (light-duty)
- Electric vehicle (EV)
- Compact car
- Pickup truck (heavy-duty)
Top Vehicle Types Purchased or Plan to Purchase by Generation
Gen X and older
- Midsize SUV
- Small SUV
- Full-size SUV
Millennials
- Midsize SUV
- Sedan
- Small SUV
Gen Z
- Small SUV
- Midsize SUV
- Sedan/Hybrid (tie)
Top Reasons People Purchased a Vehicle in Q4
- Needed a vehicle for work or commuting: 35%
- End-of-year price promotions: 30%
- Previous vehicle broke down or became unreliable: 25%
- Dealer clearance events: 24%
- Wanted to reward themselves ("treat yourself"): 20%
- Received a year-end bonus: 10%
- Tax incentives or write-offs: 8%
Top Emotions Americans Feel When Buying a Vehicle
- Excited: 53%
- Motivated: 37%
- Proud: 32%
- Anxious: 30%
- Relieved: 25%
- Empowered: 24%
- Nearly 1 in 3 Americans (32%) said they didn't buy a vehicle in Q4 because they simply couldn't afford one, while over 1 in 10 (14%) held off due to high interest rates making borrowing too expensive.
- 16% of Americans are intentionally waiting until 2026 to purchase their next vehicle.
How Buyers Approached Their Holiday Purchase
- More than half of Gen Z buyers (53%) dipped into their savings to afford a holiday vehicle, the highest of any generation. By comparison, 40% of millennials and 34% of Gen X and older buyers relied on their savings to make their purchase happen.
- Older Americans were the most likely to afford a Q4 vehicle without making any financial sacrifices, as 28% of Gen X and older buyers reported making no cutbacks. That share drops to 21% of millennials, and just 14% of Gen Z, who were the least able to buy a vehicle without tightening their budgets.
- More than 1 in 5 Americans (23%) said they plan to use their year-end or holiday bonus to buy a vehicle in Q4, and another 14% have already done so.
- Gen Z leads the way in impulse buying: 26% bought their holiday vehicle spontaneously, compared to 18% of millennials and 13% of Gen X and older shoppers.
- Over 1 in 3 holiday car buyers (37%) said purchasing a vehicle this season impacted their ability to buy gifts for others.
- About 1 in 5 Americans said social media influenced their vehicle purchase, including 22% of millennials, 22% of Gen Z, and 22% of Gen X and older drivers. Among those influenced, TikTok was the top platform, driving 53% of holiday vehicle purchases.
Top Platforms Influencing Holiday Vehicle Purchases
- TikTok: 53%
- YouTube: 51%
- Instagram: 37%
- Facebook: 36%
- X: 25%
Methodology
For this study, we surveyed 1,000 people to explore the psychology behind purchasing big-ticket vehicles as a gift to oneself at the end of the year. Among the respondents, 12% identified as Gen Z, 54% identified as millennials, and 34% identified as Gen X or older generations.
About Extreme Terrain
Extreme Terrain is a premier retailer specializing in Jeep parts and accessories. Our experienced team of Jeep enthusiasts is dedicated to providing you with expert service and advice.
Fair Use Statement
Should you find this exploration of holiday car gifting interesting, and wish to share our research with others, we encourage you to do so for noncommercial purposes only. But please provide a link to this page, allowing readers to access the full scope of our findings.