by: Brett Hershman, Benzinga Staff Writer
As electric cars, gigafactories, ride sharing and autonomous drivingdevelop, the auto industry is on its way to some severe disruption. Millennial preferences and attitudes toward cars mean we will see a big shift in the industry in the decades to come.
A new study from LendEDU documented the most recent automobile trends among millennials.
- Twenty-one percent of car-owning millennials do not believe cars will be necessary in 20 years
- Fifty percent would prefer to buy a green car over a traditional car, while 43 percent would give up manually driving a car for a self-driving car
- Thirty-four percent of of car-owning millennials see their car as a status symbol
- Forty-nine percent used an auto loan to finance their car, while 45 percent were surprised by insurance costs.
If one were to assess millennial attitudes toward driving and the auto industry, one might assume the industry is doomed. The caveat? Generation Z is more keen on driving than the generation before them, and they have a preference for traditional, practical and trusted brands. Most prefer Ford Motor Company F, General Motors Company GM's Chevrolet and Honda Motor Co Ltd (ADR) HMC.
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