Maybe this will shock some, but millennials are not a bunch of broke youngsters. And they also like cars and still drive them, too, even with larger amounts of debt and new car sharing services tempting the generation away from a traditional ownership model.
Millennials bought a whopping 4.1 million vehicles last year and the generation is starting to close in on baby boomers as the largest collective group of car buyers. Currently, 29 percent of new car buyers are millennials, while boomers make up 36 percent. That figure isn’t slowing down, though, and millennials are expected to surpass boomers in 2020 by making up 40 percent of car buyers.
Automotive News reports outlooks are good for import brands when it comes to what millennials prefer. Data showed the internet generation preferred Toyota and Honda most of any car brand, making up 19 and 15 percent of millennial sales. Chevrolet did not make the top three, with Ford rounding out the third spot at 14 percent of millennial sales.
What does this trend mean for the future? Expect connected cars to become even more engrossed in technology to appeal to a younger generation of buyers. But, if a new car is out of the budget, millennials sure do love the Pontiac Aztek, for some reason …