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What group will buy more vehicles than any other group in the next year?

Well, we haven’t brought them up in a while, but a new study by Bankrate.com says Millennials are more likely to buy a car than any other age group over the coming year.

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.

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Anna Delvillar
Anna Delvillar
Anna Delvillar is the editorial coordinator and a staff writer at CBT News. She graduated with a B.A. in English Composition from Georgia State University and has five years of experience developing content strategy and writing for automotive, tech, and small business media.

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