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.
. Earning passive income doesn't need to be difficult. Chevrolet takes the top spot, with 12.
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 top spot for Millennials in four states — Colorado, Idaho, Utah, and Maine. Also, the most popular Ford model for Millennials is the Ford F-Series pickup, which only takes the sixth spot in this generation’s top car models overall, whereas that’s the most popular model for Gen X and Boomers.
In terms of pricing, Ford models average $55,932, which is almost 15% above the average for all brands. Following closely behind Ford is Toyota, with 10.22% of Millennials driving these cars.
Yet Toyota takes two out of the top five spots for most popular models for Millennials, with the Camry ranking third and Corolla ranking fifth. Toyota also has more states than Ford — seven vs. four — where it’s the most popular brand for Millennials.
It’s particularly popular in the West Coast, with Toyota taking the top spot for Millennials in Washington, Oregon, and California, along with Hawaii, Florida, Maryland, and Vermont. Toyota is one of the more affordable brands in the U.S.
, costing an average of $42,343, which is about 13% less than the industry average. Toyota isn’t the only Japanese-based brand on this list. Honda comes in fourth, owned by 9.
11% of Millennials. Certain Hondas are particularly popular though, with the Accord being the most popular car model out of any brand for Millennials, and the Civic ranking fourth. However, Honda is only the most popular car brand in five states, concentrated in the Northeast — New Jersey, New York, Connecticut, Rhode Island and Massachusetts.
Honda’s popularity could be partly explained by its affordability — the average Honda costs $37,314 vs. the industry average of $48,401. Lastly, Nissan takes the fifth spot in the most popular car brands for Millennials, owned by 9.
06% of this age group. That ranking is buoyed by the Nissan Altima being the second most popular car model overall for Millennials. Yet Nissan is only the most popular car brand for Millennials in New Hampshire.
Costs are particularly low for Nissans, with the average costing $33,723 — nearly $15,000 less than the industry average. This article originally appeared on :.
