Contrary to reports, kids really do want to drive. It’s been suggested that the Internet, social media and car-sharing/public transportation had taken away the need for a driver’s license among the Millennial generation, but two recent surveys suggest otherwise. A survey by credit-monitoring website CreditKarma.com revealed that 78% of Millennials currently own a car, with 12% expressing the desire to have one. 55% of participants said they had purchased their first vehicle before age 22 and less than 8% said they had no plans to own a car.
Another recent survey from website NerdWallet.com indicates that 84% of millennial car owners agreed with the statement, “I enjoy driving.” 75% of those already behind a wheel plan to purchase another car in the next five years, while only 12% regret owning a car currently. While they plan to make another purchase, 43% admit that “owning a vehicle is a hassle.”
Even more interesting, a majority of Millennials are surprised by the cost of ownership. In fact, 64% of those already driving were unhappy with the costs associated with maintaining a car, and 68% shocked by the price of insurance premiums. NerdWallet says 26-year-old drivers pay an average of 15% more in insurance premiums than fellow drivers age 40.
What do these surveys mean? First of all, the data should come as good news to automakers. Yes, kids still crave the freedom to drive their own vehicles. Here’s the kicker, they’re still craving that freedom while car and ride sharing services rise in major cities. Urban Millennials are only slightly less (by five percent) interested in driving and owning their own cars compared to their suburban peers. Looks like the auto industry can breathe a sigh of relief, teenage drivers are here to stay.
Categories:
People
