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

World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →
Black Book: Weekly Market Update
Used-vehicle market depreciation was the prevailing story in the wholesale market last week.
Read More →
Smaller Is Looking Better
A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
Read More →
U.S. EV Market Slowly Stabilizes
U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.
Read More →
Global EV Market Entering New Phase
Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.
Read More →
Black Book Weekly Market Update
The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.
Read More →
Auto Affordability in Context
Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
Read More →
Black Book: Weekly Market Update
Automotive auction inventory increased last week, giving choosy bidders even more leeway.
Read More →