The stereotypes surrounding Millennial culture are plentiful, with one common misconception being that Millennials are buying more bikes and driving (and buying) fewer cars.
But new studies suggest that you shouldn’t judge a Millennial by their stereotype. If anything, research is showing that Generation Y individuals are migrating back to the suburbs to start families and with that are buying vehicles of their own.
According to BankRate.com, Millennials are even more likely to buy a car compared to any other age group in the upcoming year. And by 2025, Gen Y will account for 75% of all cars purchased.
“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.”
Despite these numbers, there is something to the stereotypes that seem to follow Millennials everywhere. In 2014, for example, only slightly more than three out of four individuals between the ages of 20 and 24 had drivers licenses. In 1983, this figure was more than nine out of 10 baby boomers in the same age bracket.
While many experts think this lag is due to a renewed interested in urbanization and transportation alternatives, the auto industry believes that the Millennial generation might just be slower to catch on than previous generations, as they are moving out after college later, getting married later, and waiting longer to obtain their license.
And as NBC News aptly points out, the recent Great Recession didn’t do much to help Millennials in their quest for financial normalcy. But now, the generation appears to have more money and with that, an increased willingness to spend their cash.
The study was conducted by the Princeton Survey Research Associates and found that 24% of Millennials between the ages of 18 and 29 said that they plan to buy a car within the next year.