Younger buyers are buying used cars more often than new cars. According to a study completed by Edmunds.com, 78% of Millennials car purchases in the last year were used car purchases. Contrary how they might be portrayed in the press, Millennials are actually quite frugal.
Part of their frugalness is likely driven by the fact they were hit hardest by the latest recession. Many are still looking for jobs, while their student loan debt carries a high monthly payment. Thus, when they’re shopping for cars they seek to find the perfect balance between fitting their lifestyle and price. The cars they’re finding to do this might surprise you.
While several of us remember these as duds of the automotive industry, Millennials are breathing new life into the following out-of-production models: Dodge Magnum, Chrysler Pacifica and Pontiac Aztek. All of these large crossover vehicles have very unique and distinct styling, and are not the most popular looking vehicles on the road. Millennials, however, are looking beyond skin-deep to find the beauty in each of them.
It will be interesting to see how long this frugal bunch stays in these cars. Will they quickly ditch them for shiny new one packed with more technology or will they hold true to their thriftiness?
Part of their frugalness is likely driven by the fact they were hit hardest by the latest recession. Many are still looking for jobs, while their student loan debt carries a high monthly payment. Thus, when they’re shopping for cars they seek to find the perfect balance between fitting their lifestyle and price. The cars they’re finding to do this might surprise you.
While several of us remember these as duds of the automotive industry, Millennials are breathing new life into the following out-of-production models: Dodge Magnum, Chrysler Pacifica and Pontiac Aztek. All of these large crossover vehicles have very unique and distinct styling, and are not the most popular looking vehicles on the road. Millennials, however, are looking beyond skin-deep to find the beauty in each of them.
- Pontiac Aztek, thought to by many to be the ugliest vehicle of all time, “has since maintained a top-ten Millennial share in four of the last five years,” according to Edmunds.com. This past stigma has likely helped keep the price more affordable. Additionally, there is no doubt it is gained popularity from a halo-effect of hit show Breaking Bad.
- Dodge Magnum, the quirky mean looking cross over offers plenty of cargo room to carry everything young people need people and their gear. With average consumer reviews of 4.5 out 5.0 on Edmunds.com and most priced under $10,000, it’s easy to see why this is becoming a popular vehicle among Millennials.
- Chrysler Pacifica is for Millennials who are looking for a more upscale vehicle. The Pacifica offers a more luxurious feel on the interior without skimping on the cargo space. It ranked the 2nd in share of vehicles sold to Millennials from Jan to June 2015.
It will be interesting to see how long this frugal bunch stays in these cars. Will they quickly ditch them for shiny new one packed with more technology or will they hold true to their thriftiness?
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