The automotive industry had a big scare during the 2008-09 financial crisis, when many freshly graduated Millennials found themselves unemployed and drowning in student debt. The last thing 18 to 25-year-olds could afford to think about was buying a car. Auto makers feared that the Millennials would abandon the desire to purchase cars permanently, in favor of alternative methods of transportation; Uber, public transportation, or hitching a ride from mom.
Recent data proves that Millennials are indeed buying cars, and they are buying faster than ever. Today Millennials have over $200 billion in annual purchasing power, and they have officially surpassed baby boomers as the largest living generation. It’s time to stop fearing them. Let’s get to know them!