SEATTLE — QuoteWizard listed the top 10 new vehicles driven by the insurance marketplace’s 22- to 37-year-old users in 2018. Analysts found millennials largely eschewed the generally more popular and pricier truck and utility segments, filling all but two slots with affordable compact and mid-size sedans.
The average MSRP of the vehicles on the list $23,829. That’s nearly $14,000 less than the $37,577 average price Kelley Blue Book says U.S. new-car buyers paid in December 2018.
QuoteWizard’s Top 10 Millennial Vehicles (with 2018-MY sticker price) are:
- Honda Accord ($23,720)
- Nissan Altima ($23,900)
- Honda Civic ($19,450)
- Toyota Camry ($23,945)
- Hyundai Sonata ($22,500)
- Chevrolet Impala ($28,020)
- Ford F-150 ($28,155)
- Toyota Corolla ($18,700)
- Ford Focus ($17,950)
- Jeep Grand Cherokee ($31,945)
Analysts said affordability is one key factor, noting the average annual salary for millennial workers is about $69,000, trailing older generations while saddled with an average debt load of $36,000. Utilization is another.
“Urbanization trends show that millennials are happier living in big cities. They’re also moving to cities at a higher rate in the last nine years than they did in the 2000s,” the report states, in part. “Living in urban cities gives millennials more options like public transit, ridesharing services, or the dangerous electric scooter. All these alternative options create less of a need for cars, let alone expensive ones.”
Originally posted on Auto Dealer Today