Research+Reports News

Survey: Majority of Millennials Own Cars

Order Reprints

Sept. 27, 2016—Contrary to previous reports that millennials prefer car-sharing and public transportation, Forbes reported the results of two surveys that found millennials still prefer owning vehicles.

The surveys found that 78 percent of millennials currently own a car, with another 12 percent expressing a desire to own one. The surveys also found that 55 percent of millennials owned their first vehicle by age 22. The surveys also found that 75 percent of current millennial vehicle owners plan to buy another vehicle within five years and 84 percent say they enjoy driving. 

In addition to these findings, the surveys found that 43 percent of millennials admit that owning a vehicle is a hassle, while 64 percent were shocked by how much it costs to maintain a vehicle and 68 percent were shocked by the price of insurance premiums. 

Less than 8 percent said they had no desire to own a car. 

Recommended Products

2016 Education & Training Survey: Complete Report

2018 Industry Survey: Complete Report

Related Articles

Survey: Where Will Millennials Take the Car Industry?

Millennials want to drive less due to car costs, social media

Reports: Google to Make Its Own Self-Driving Car

You must login or register in order to post a comment.