Millennials actually buy more cars than Generation X-ers
Contrary to popular belief, it seems, Generation Y consumers now buy more new vehicles than their older Generation X counterparts. Generation Y is defined as someone born between 1977 and 1994, whereas Generation X is defined as someone born between 1965 and 1976.
Another common name for a person from Generation Y is “Millennial”. Millennials are often characterized as free-thinking youngsters who are constantly connected to the internet and would rather spend money equipping themselves with the latest technology rather than a new car. According to JD Power, however, the exact opposite is true.
After studying year-to-data sales data, the analytics company found that generation Y accounts for about 26% of all new-vehicles sales, which puts the Millennials slightly ahead of Generation X’s 24%. Baby boomers, who were born between 1946 and 1964, are still the largest group of new car buyers at a whopping 38%.
“As Gen Y consumers enter new life stages, earn higher incomes and grow their families, their ability and desire to acquire new vehicles is increasing,” remarked Thomas King of JD Power in regards to why this might be the case.
Read more about the story at Jalopnik.