The truth about Millennials and cars

Millennials are often derided as the generation that’s just not interested in buying and owning cars, but a new survey reveals that simply isn’t true.

The study, commissioned by Wonga, compared the aspirations of Millennials (aged 18 to 34) and Baby Boomers (aged 55 and over), to find out which specific life experiences they valued the most.

Surprisingly, buying a brand new car topped the list for Millennials, whereas for Baby Boomers it was ranked only third and their number one choice was travelling the world.

Saving up to buy a house was the most important life milestone for both age groups, and being happy in life was both groups’ top priority.It was also surprising that one in seven Millennials said that having a good job was their main priority, compared to less than 2% of Baby Boomers.

“It is really interesting to see which experiences each generation values the most, and the differences between millennials and baby boomers,” James McMaster, Wonga’s Head of Marketing, said.“With the differences between the two generations widely documented in the media, it’s particularly interesting how the older generation prioritises travel experiences and even wished they had travelled more.”

Other studies have found that Millennials have embraced the online technology that now allows car buyers to go beyond their local area to buy the cars they want at the price they want, and are often more interested in finance products based on car usage rather than outright ownership.

However, a study by MSN last year indicated that while they are strong advocates for buying online, when it comes to buying a car they strongly prefer the face-to-face environment of the showroom.It also found that their top priorities when buying a car tend to be fuel economy and design, and that price is often not their most significant consideration.

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