What are the favorite vehicles among young adults aged 22 and 37 (millennials) these days?…
What are the favorite vehicles among young adults aged 22 and 37 (millennials) these days? Online insurance marketplace QuoteWizard wanted to know the answer, so it surveyed millennials in all 50 states.
QuoteWizard looked at auto insurance quote data for millennial drivers aged 22-37 and found that Honda Accord is the most popular among millennials.
Additionally, the average MSRP of the top 10 cars driven by millennials is only $23,829, nearly $5,000 less than the MSRP of top five selling cars for all age groups.
QuoteWizard’s Key findings
- Honda Accords are the most popular cars for millennials, followed by Nissan Altimas and Honda Civics.
- Millennials aren’t following the wider auto trends of 2018, choosing cheaper sedans over SUVs and trucks that are popular with older generations.
- The $33,000 average student loan debt by millennials has curtailed spending.
- Urbanization trends show more millennials are living in big cities with a wider range of public transportation and rideshare services.
- Rural areas have seen the rise of the ‘Super Commuter’ – someone who travels 90+ minutes to work and is more likely to use public transit. These alternative options create less of a need for cars, let alone expensive ones.
Here are the top 10 cars owned by millennials and the car’s MSRP:
- Honda Accord – $23,720
- Nissan Altima – $23,900
- Honda Civic – $19,450
- Toyota Camry – $23,945
- Hyundai Sonata – $22,500
- Chevrolet Impala – $28,020
- Ford F-150 – $28,155
- Toyota Corolla – $18,700
- Ford Focus – $17,950
- Jeep Grand Cherokee – $31,945
Of course, younger millennials are less likely to drive new Grand Cherokees (or new cars period). There are big differences between early 20s and late 30s. Still, it is alarming to see how college debt continues to hinder millennials of all ages.