SAN FRANCISCO — Findings from the 2016 Credit Karma Millennial Report reveal that 90% of Millennials throughout the country currently own a car or want a car.
Less than 8% of respondents stated they did not own a vehicle and did not have plans to buy one. Notably, the company added, the increasing prevalence of ride-sharing companies in big cities has not had much of an effect on urban and suburban millennial car ownership.
For its report, Credit Karma surveyed more than 1,000 people between the ages of 18 and 34 on car ownership and their plans to buy an automobile. Contrary to common perception, the company stated, Millennials overwhelmingly demonstrated a passion for driving and owning a car. Many stated they would devote a significant portion of their income to secure a vehicle.
The following are additional findings from the study:
- 78% of Millennials already own a car and the majority (55%) bought or plan to buy their first car before their 22nd birthday.
- Fewer than 8% said they did not own or plan to own a vehicle.
- Despite the increasing prevalence of ride-sharing companies in big cities, the difference between urband and suburban millennial car ownership trends is only 5%.