Millennials Are Developing Parents' Taste for Jaguars, Cadillacs - Bloomberg
Lexus, Jaguar, Cadillac and Acura are among the top 10 brands leased by millennial buyers, along with other pricey cars like Subaru, Mini and Buick, according to Edmunds. The 18- to 34-year-old group leases 60 percent of their luxury cars compared with about 50 percent for other buyers, Edmunds says. "Millennials like Varatharajah are used to upgrading their smartphones every couple of years and expect the same for their cars" The leasing data is more evidence that American millennials -- aka Generation Y -- like cars after all, defying... They are now the second-largest group of new car buyers, after their boomer parents, and will buy or lease almost 2 million vehicles this year. Leasing is the only way to get the car they really want and allows the tech-hungry cohort to get a new vehicle every two or three years. Of the 10 brands they lease the most, only Toyota’s entry-level Scion brand and Fiat Chrysler’s Ram pickup brand are mainstream, Caldwell said. And though they represent 24 percent of the U. S. population, they account for just 8. 7 percent of luxury car customers and 11. 6 percent of the mass market, according to Edmunds. Source: www.bloomberg.com
