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Millennials currently constitute a large share of the US population. To put that into perspective, as per the population data coming in from 2015, the United States is home to over 88 million millennials. And this generation has massive buying power. Research shows that millennials in the US are spending over $200 billion per year.
But the studies state that millennials are not spending money on physical items. They would rather go to Hawaii and gain experiences rather than buy a house in Greenville city. But the trend is quite opposite with cars. Millennials are buying both used and new cars in large numbers, despite their tendency to not own anything.
Research shows that millennials bought almost 28% of the net vehicles available in the market in 2010. That figure rose to nearly 40% in 2020. This is more cars bought than their previous generation and the most throughout history.
However, another study also stated that 43% of millennials consider owning a new car both expensive and a hassle. They feel that they are being forced to buy a car owing to rising housing prices in the urban areas and having to settle in the suburbs. The necessity has diverted most millennials to the used car market. The prices are comparatively cheap and hassles are minimal in buy here pay here dealerships.
Ridesharing is also popular among millennials. Although just 15% of the millennial population currently sees it in a positive light. In all, research clearly shows that the generation still favors buying a used car rather than sharing or leasing.