Nine in Ten Millennials Believe Car Ownership Important

More than nine in ten millennials (91%) agree that it is extremely or very important to have their own car to accomplish daily work and life tasks, a new study reports.

The survey result further supports new data that found millennials now account for 27 percent of new car sales and have become the second-largest group of new car buyers, after boomers. The Enterprise Holdings survey reveals that the car rental experience also has a significant influence on the decision to buy a car – an influence that’s strongest on millennial customers, as opposed to other age groups.

Sixty-eight percent of millennial customers reported that they have considered purchasing a specific model of car based on renting it. In fact, nearly one in three millennials indicated that a positive rental experience even triggered them to start shopping for a new car.

When car renters – from millennials to boomers – were asked about their relationship with their car and the influence of their car rental experiences, they reported: “My car is essential”– Ninety-two (92) percent of customers say it’s extremely or very important to have their own car to accomplish daily work/life tasks. That’s up from 78 percent on a similar 2013 survey of Enterprise, National and Alamo renters.

Almost one-third of customers purchased a vehicle within the past year. More than half purchased a vehicle within the past two years. Fifty-four (54) percent of millennials purchased a car within the last two years. Sixty-eight (68) percent of Millennials and 68 percent of Gen Xers have considered purchasing a model of car based on renting it.

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