A new report shows that 90% of millennials (18-34 years old) currently own a car or have a desire to own a car. Despite the increasing prevalence of ride-sharing companies in big cities, the difference between urban and suburban millennial car ownership is small.
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. Millennials said that they will devote a significant portion of their income to purchase a vehicle.
- More than 90% of millennials currently own a car or have a desire to own a car
- 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 urban and suburban millennial car ownership trends is only 5%
Millennials across the country have been an active segment of the more than 60 million Credit Karma members who use Credit Karma tools to monitor their credit, find better credit card and loan offers and make data-based financial decisions.
For complete survey findings, visit: Everything You Thought You Knew About Millennials May Be Wrong.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
