Millennials Want to Buy Cars, Study Finds
SAN FRANCISCO — Findings from the 2016 Credit Karma Millennial Report reveal that 90% of Millennials throughout the country currently own a car or want a car.
Less than 8% of respondents stated they did not own a vehicle and did not have plans to buy one. Notably, the company added, the increasing prevalence of ride-sharing companies in big cities has not had much of an effect on urban and suburban millennial car ownership.
For its report, Credit Karma surveyed more than 1,000 people between the ages of 18 and 34 on car ownership and their plans to buy an automobile. Contrary to common perception, the company stated, Millennials overwhelmingly demonstrated a passion for driving and owning a car. Many stated they would devote a significant portion of their income to secure a vehicle.
The following are additional findings from the study:
78% of Millennials already own a car and the majority (55%) bought or plan to buy their first car before their 22nd birthday.
Fewer than 8% said they did not own or plan to own a vehicle.
Despite the increasing prevalence of ride-sharing companies in big cities, the difference between urband and suburban millennial car ownership trends is only 5%.
More Industry

Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →