A vast majority of millennials (18-34 year-olds currently) own a car want to own a car, reports a study from Credit Karma. There’s not not a big difference in desire either between places with and without Uberization and ride-sharing options.
Credit Karma surveyed over 1,000 people between the ages of 18 and 34 on car ownership and their plans to buy an automobile.
The survey found:
- More than 90% of millennials currently own a car or have a desire to own a car
- 78% of millennials already own a car and the majority (55 percent) 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 urban and suburban millennial car ownership trends is only five percent
Millennials across the country have been an active segment of the more than 60 million Credit Karma members who use Credit Karma tools to monitor their credit, find better credit card and loan offers and make data-based financial decisions.
Millennials also aspire to own homes, but are hindered by affordabilit
Credit Karma, in partnership with Qualtrics, surveyed 1,016 18 – 34 year-olds between May 25 and June 3, 2016 to ask their opinions on 33 questions. All data was aggregated and anonymized.
Through analysis of more than 60 million members’ finances, Credit Karma researches and recommends credit cards, loans and insurance based on each individual’s specific credit profile, drastically simplifying some of the most confusing and tedious yet important tasks in personal finance.
The company started by providing free credit scores to recreate the financial industry around people instead of banks. It continues to expand its completely free offerings including its Credit Score Simulator, credit monitoring and friendly, personalized information to help each person understand and make the most of their individual situation.