For so long, they’ve been the generation of non-drivers content to Uber their way through the world while staring at their iPhone or Samsung Galaxy. However, now that millennials are indeed driving, it’s time to see WHAT they’re driving.
Millennials may be content to spend big money on electronics, it appears that doesn’t translate to their vehicles, according to new study showing that the most popular vehicle among drivers 22 to 37 years old is the Honda Accord.
This choice of a $23,000 sedan reinforces that millennials aren’t bound to follow the choices made by their parents or others.
Trucks and sport-utes are outselling sedans basically 2-to-1, but the top choices of this age group are cars.
(Texas millennials spending big on cars – with auto loans to match. Click Here for the story.)
The top 10 vehicle choices and their 2018 MSRPs purchased by millennials:
- Honda Accord – $23,720
- Nissan Altima – $23,900
- Honda Civic – $19,450
- Toyota Camry – $23,945
- Hyundai Sonata – $22,500
- Chevrolet Impala – $28,020
- Ford F-150 – $28,155
- Toyota Corolla – $18,700
- Ford Focus – $17,950
- Jeep Grand Cherokee – $31,945
(Click Here to see how millennials are now propping up the U.S. auto industry.)
The top five selling cars of 2018 according to Car and Driver are all SUV and Trucks. The SUV and Truck trend of 2018 is putting higher priced cars at the top. 2018’s five best selling cars cost an average of $5,310 more than the millennial’s top five cars, according to Quote Wizard, which compiled the list.
These lower priced purchases come despite the fact that the average millennial makes more than $69,000 annually. However, they also carry more than $33,000 in college loan debt, which is the highest number ever.
(To see more about February’s new vehicle sales slide, Click Here.)
The way millennials live their lives contributes significantly to the type of vehicle they purchase. Typically they live in cities, so their commutes can be satisfied by public transportation. If they do drive, they’re not in the car long so they aren’t necessarily in the market for something that can get through any type of weather or road condition nor all of the creature comforts found in more expensive vehicles.
Hmmm, one SUV on the list. Please send this article to a Mr. J. Hackett.
I am hopeful they will continue to gravitate toward small cars to transport (usually) one occupant, and tend to minimize a desire for unnecessarily large vehicles that take more energy and material to manufacture and operate.