Thursday, April 21, 2016

Forget the Stereotypes: Millennials Are Buying Up Cars, Survey Says

Conventional wisdom suggests that Millennials are all moving to urban centers, buying bikes and giving up their drivers' licenses. But, like so many other popular perceptions, that's not quite on target.

If anything, studies suggest that as Gen-Y ages, members of this tech-savvy generation are heading back to the suburbs, starting families and, yes, even buying cars. Indeed, new research by finds Millennials more likely to buy a car than any other age group over the coming year.

"The notion that Millennials are not interested in buying a car is being turned on its head," said Mike Cetera, Bankrate's personal loans and credit analyst. "This is starting to shift from what we've seen before."

There's little question that Millennials have been less interested in driving than previous generations. Among those aged 20 to 24, only slightly more than three out of four held a driver's license in 2014, according to a survey released by the University of Michigan Transportation Institute in January. Back in 1983, the figure was more than nine out of 10 Boomers of the same age.

Read the entire article here courtesy of NBC News.

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