The results stand in contrast to prior auto industry rhetoric, which contends millennials are not interested in purchasing their own vehicles. LendingTree says improving employment numbers, lower interest rates and low gas prices are driving the millennials’ renewed interest in purchasing a new car or truck.
For those ages 18 to 34, LendingTree said the average auto-loan request was $14,825, about $3,000 lower than the average amount sought by those 35 and older. Millennials’ preference for less-costly used vehicles is likely driving this trend. According to the study, about 46% of millennial requests last year were for used vehicles, compared with 44% for older drivers.