Millennials prioritise buying new car

Younger generations are now more likely to prioritise buying a new car than travelling the world, new research has revealed.

The research, conducted by Wonga, asked 18-34 year olds and baby boomers (55+) to rank a series of key life experiences to determine the differences between generations.

More than one in five (21%) millennials said that buying a new car is the top experience everyone should have at least once in a lifetime, beating other typical bucket list items, such as seeing their favourite bands (11%) and taking gap years (3%).

The appeal of buying a new vehicle appears to transcend age categories, as nearly one in six (16%) of the baby boomer generation also listed the experience as the most important thing people should do in life. When asked to rank 13 different experiences, over 55s gave buying a new car the third highest average position, beaten only by visits to Europe and seeing their favourite bands.

James McMaster, head of marketing in the UK at Wonga, said, ‘After looking into which life experiences generations value the most, we were surprised to find that buying a car tops the list for millennials. Though differences between the two generations are widely documented, the two groups share a love of live music as both rank seeing their favourite band in second place.’

 

 

 

For more information and tips on how to save up for things like cars, click here.