Millennials Prefer Cars

A larger share of millennials opened auto loans or leases at every age than Gen X did

Millennials are less likely to hold mortgages or private-label credit cards than the preceding generation, but they aren’t skimping when it comes to auto debt. U.S. millennials between 21 and 34 opened new auto loans and leases at a higher rate than Gen X did at the same ages, according to a study released Wednesday by credit reporting company TransUnion. “While credit cards are not as popular with millennials as they were with previous generations, purchasing or leasing an auto is clearly important to them,” said Nidhi Verma, co-author of the study and vice president of TransUnion’s innovative solutions group.

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