20% Of Millennials Don’t Think A Car Will Be Necessary In 20 Years

20% Of Millennials Don’t Think A Car Will Be Necessary In 20 Years

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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.

When Gene Munster of Loup Ventures sat down with Benzinga for an interview on Tesla Inc TSLA, the former Wall Street analyst speculated that we may significantly fewer car models in the future.

new study from LendEDU documented the most recent automobile trends among millennials. 

 

The Highlights

  1. Twenty-one percent of car-owning millennials do not believe cars will be necessary in 20 years
  2. 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
  3. Thirty-four percent of of car-owning millennials see their car as a status symbol
  4. 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 FGeneral Motors Company GM's Chevrolet and Honda Motor Co Ltd (ADR) HMC.

 

© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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4 responses to “20% Of Millennials Don’t Think A Car Will Be Necessary In 20 Years”

  1. Miana says:

    Excellent blog! I live in Serbia, and I think the car is essential. I always drive a rented car http://www.bluerentacar.rs . This saves time and money.

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  3. autoskolanovisad says:

    Auto Skola Novi Sad http://www.prodrive.rs

  4. and they are probably right. see, with the fast development of the autonomous shred cars owning a car would become useless. and it's because oof the transitions in the automotive industry and our poor attempts to save the nature. so millennials are right

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