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Survey finds 79% of car-owning millenials think owning a car still a necessity in 20 years

A survey of car-owning millenials commissioned by student loan marketplace LendEDU found that 93% of repondents consider owning a car to be a necessity in today’s society. Asked to project 20 years out, fully 79% still thought that owning a car would be a necessity then.

The answers to one of the poll questions suggest that ride-sharing services like Uber and Lyft may be having a moderate influence on the car industry. When asked if the growth in ride-sharing services like Uber have made them re-think car ownership, 16.57% of car-owning millennials said “yes”. Other results from the poll include:

  • 11.6% stated that they have driven for a ride-share program like Uber or Lyft. 38.3% have not driven for a ride-share service, but have considered it. 50.10% said they have not driven for such a service and have not considered doing so.

  • 57.5% of car-owning millennials said they could not give up manually driving a car.

  • The simple majority of respondents, 50.10 percent, said they would prefer owning a "green" or hybrid car.

  • 51.5% did not use an auto loan to finance their cars; 71.2% of those who did are still paying off their loans.

  • The majority of respondents, 66.5%, did not view their cars as status symbols.

  • 67.7% of car-owning millennials said owning a car is not a hassle.

The poll commissioned by LendEDU was conducted online by online polling company Pollfish. The poll ran over a two-day span from 17-18 August 2017. In total, 501 car-owning millennials participated in this poll.


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