There are a lot of myths that circulate about millennials, but most of them aren’t true, like the thought that millennials favor public transportation or biking over cars. In fact, the relationship between millennials and car dealerships is on the rise.
Popular theories say that millennials would rather interact with social media than with their friends; a theory linked with the drop in number of teenagers and young adults getting their license.
But given economic context, it’s clear the problem had nothing to do with millennials not wanting a car and more to do with them not being able to afford one. Facing a difficult job market, many recent graduates had to move back in with their parents and couldn’t afford a car.
Thankfully, a change is happening. One thing millennials are great at is making the best of the situation they’re in. And, as millennials get older, they start to find better jobs, start families, and buy cars!
This has shown a surge in purchases from many automakers. General Motors reports that customers under 34-year-old make up 20% of its sales.
So don’t underestimate millennials, folks. They’re coming to a dealership near you soon!