SAN FRANCISCO — More than 90 percent of the millennial generation — those born from the early 1980s to the early 2000s — either already own a car or want to buy one, according to a recent study from Credit Karma.
Belying the commonly held notion that this demographic has little interest in driving, and even less interest in car ownership, the 2016 Credit Karma Millennial Report found that fully 78 percent of the 1,000 young people surveyed already own a vehicle.
According to the report, just 8 percent of respondents said they don't own a car and don't plan to purchase one, and more than half said they either bought or plan to buy their first vehicle before their 22nd birthday.
Despite the availability of public transportation and the increased presence of Uber and other ride services in large cities, Credit Karma discovered that the difference between urban and suburban millennial car ownership is only 5 percent.
The Credit Karma survey echoes a study released by J.D. Power earlier this year, the Millennials Insight Report, which noted that millennials bought 4 million cars and trucks in the U.S. last year, increasing their share of the new-vehicle market to 28 percent, second only to the baby-boom generation.
And, as recently reported by Edmunds, the top models favored by millennial car buyers, according to LendingTree.com, include the Nissan Altima and Dodge Charger, followed by the Honda Accord, Chevrolet Impala, Chevrolet Tahoe, Honda Civic, Ford Mustang, Chevrolet Malibu, Dodge Challenger and Toyota Camry.