According to NBC News, industry studies have hinted at the change to come, suggesting that Millennials may simply be a little slower off the line than prior generations: moving out from home later, getting married at an older age, and waiting longer to drive.
But evidently, that’s about to change. Mike Cetera, Bankrate’s Personal Loans and Credit Analyst says, “The notion that Millennials are not interested in buying a car is being turned on its head. This is starting to shift from what we’ve seen before.”
The research by Bankrate covered both car-buying and home improvements, and found members of Gen-Y (as a group), have big plans in the works. About 24% of Millennials (aged 18-29) said they will buy a car sometime in the next 12 months. The figure slipped to 20% of those between 30 and 49 and those in the group aged 50-64, only 10% said they were planning to buy a car over the year.