Sept. 27, 2016—Contrary to previous reports that millennials prefer car-sharing and public transportation, Forbes reported the results of two surveys that found millennials still prefer owning vehicles. However, millennials were also taken aback by the price of insurance and maintenance.
The surveys found that 78 percent of millennials currently own a car, with another 12 percent expressing a desire to own one. The surveys also found that 55 percent of millennials owned their first vehicle by age 22. The surveys also found that 75 percent of current millennial vehicle owners plan to buy another vehicle within five years and 84 percent say they enjoy driving.
In addition to these findings, the surveys found that 43 percent of millennials admit that owning a vehicle is a hassle, while 64 percent were shocked by how much it costs to maintain a vehicle and 68 percent were shocked by the price of insurance premiums.
Less than 8 percent said they had no desire to own a car.