SEATTLE, March 14, 2019 /PRNewswire/ -- QuoteWizard, a LendingTree company, and one of the nation's leading online insurance marketplaces, today released its study on the top 10 most popular cars driven by millennials. The study found that those between the ages of 22 and 37 are buying cheaper cars than past generations.
QuoteWizard looked at auto insurance quote data for millennial drivers aged 22-37 and found that Honda Accord is the most popular among millennials. Additionally, the average MSRP of the top 10 cars driven by millennials is only $23,829, nearly $5,000 less than the MSRP of top five selling cars for all age groups.
- Honda Accords are the most popular cars for millennials, followed by Nissan Altimas and Honda Civics.
- Millennials aren't following the wider auto trends of 2018, choosing cheaper sedans over SUVs and trucks that are popular with older generations.
- The $33,000 average student loan debt by millennials has curtailed spending.
- Urbanization trends show more millennials are living in big cities with a wider range of public transportation and rideshare services.
- Rural areas have seen the rise of the 'Super Commuter' - someone who travels 90+ minutes to work and is more likely to use public transit. These alternative options create less of a need for cars, let alone expensive ones.
Here are the top 10 cars owned by millennials and the car's MSRP:
- Honda Accord - $23,720
- Nissan Altima - $23,900
- Honda Civic - $19,450
- Toyota Camry - $23,945
- Hyundai Sonata - $22,500
- Chevrolet Impala - $28,020
- Ford F-150 - $28,155
- Toyota Corolla - $18,700
- Ford Focus - $17,950
- Jeep Grand Cherokee - $31,945
Find the full study here: https://quotewizard.com/news/posts/top-10-most-popular-cars-driven-by-millennials
About QuoteWizard QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.
About LendingTree LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring, and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.