Millennial Shoppers Place Nissan Altima, Dodge Charger Among Top Picks, Study Finds | Edmunds

Millennial Shoppers Place Nissan Altima, Dodge Charger Among Top Picks, Study Finds


CHARLOTTE, North Carolina — The Nissan Altima and Dodge Charger are among the top vehicles for Millennial car shoppers, according to a new report from LendingTree.com.

The top 10 models on their loan applications through LendingTree are, in order: Nissan Altima, Dodge Charger, Honda Accord, Chevrolet Impala, Chevrolet Tahoe, Honda Civic, Ford Mustang, Chevrolet Malibu, Dodge Challenger and Toyota Camry.

In addition, auto loan applications among the Millennial generation are on the rise, according to the report.

An analysis by the online loan marketplace shows that the share of auto-loan requests from Millennials — those roughly in the 18-34 age group — has increased from about 27 percent in early 2013 to around 34 percent in 2016.

"With unemployment among Millennials improving, coupled with lower interest rates and low gas prices, the share of Millennial auto loan requests is on the rise," said Doug Lebda, founder and CEO of LendingTree, in a statement. "Although the share of Millennial auto loan requests is relatively lower in densely populated urban areas, the auto market appears to be enticing aging Millennials."

The report noted that, on average, 33 percent of all auto-loan requests through LendingTree come from applicants under 35 years old and that nationwide their auto loans average $14,825.34, compared to $17,938.74 for applicants aged 35 years and older.

Geographically, the most LendingTree applications for vehicle loans come from Millennials in Memphis, Tennessee (41.98 percent), followed by Milwaukee, Wisconsin (40.68 percent) and St. Louis, Missouri (37.88 percent).

Finally, LendingTree found that 53.6 percent of Millennial requests for car loans over the past 12 months were for new vehicles, and 46.4 percent were for used models, compared to 55.8 percent and 44.2 percent for applicants aged 35 and older.

Edmunds says: Younger shoppers might want to check out the Edmunds.com Guide for First-Time New-Car Buyers and The Millenial Used Car Project for useful information.

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