Alleged to not be interested in cars or driving them, millennials are the fastest-growing segment of car buyers as far as lending goes, per a new study.
According to Automotive News , credit-reporting company TransUnion found the group represented 27 percent of overall auto loans and lease originations made in 2014, up from just 16 percent in 2009. Senior vice president and automotive business leader Jason Laky says this is due to both an improving economy and millennials’ entering into the next phase of their lives:
They’re maturing into their adulthood. They’re getting to the point where they’re employed, they’re having families, they’re moving to a place where they’re financing just like previous generations.
Meanwhile, Gen Xers were the largest segment in auto lending, accounting for 34 percent of loans and originations in 2014. Boomers followed close behind with 32 percent, down from 34 percent in 2013. Average balances per generation are $21,779 for Gen X, $21,055 for boomers, and $18,678 for millennials, the last group experiencing the largest jump in average outstanding balances at 4.1 percent.
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