Your car can make a big impact on your . Transportation accounts for around 17% of the average household’s spending, . However, the costs of car ownership can vary significantly based on what car you buy.
While you might be tempted to drive a luxury vehicle, it might not be the wisest choice, especially when you’re young and building up your finances. While there can be a lot of variance within car brands, on average, Millennials are choosing relatively affordable brands the most, and the top five most popular car models for this age group are all relatively fuel-efficient sedans, . Here, we’ll take a closer look at what that report found, along with average prices, based on Kelley Blue Book data.
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58% of Millennials driving this classic Detroit-based brand. Chevy is the most popular car for Millennials in 33 states. However, a Chevrolet model doesn’t appear until the seventh spot of the most popular car models for Millennials, with the Chevy Malibu taking that spot.
This suggests that Millennials are pretty widespread in their Chevy purchases instead of sticking to one type. On average, a new Chevrolet costs $47,633, slightly below the industry average of $48,401. The second most popular car brand for Millennials is another Michigan-based brand — Ford — driven by 10.
86% in this age group. However, Ford’s popularity is relatively dispersed, considering it only takes the t.