It turns out that the younger generation loves luxury cars almost as much as their parents did. According to Edmunds.com, people between the ages of 18 and 34 prefer to drive expensive luxury cars such as Cadillac, Jaguar, Acura and Lexus. This new found love for luxury cars totally contradicts the idea that millennial’s were going to skip driving their own cars and utilize such services as public transportation or services such as Uber. This is just not the case since this group makes up about 60% of the people who now drive these pricey cars.
Not only is this younger generation enjoying their expensive taste in cars, they’re being extremely smart about how they go about it. They’re leasing their vehicles instead of outright buying because this allows them to keep up with the latest in car technology. They can then trade it in once every two or three years for a newer model without having to spend a bundle with the average payment being only about only $300 a month. “If they see a chance to get into a nicer car while staying within their budget, they’re likely to explore that opportunity,” said Jessica Caldwell, director of industry analysis at Edmunds. “In most cases, leasing opens the door to the bells and whistles that they couldn’t otherwise afford.”
It seems as though leasing is making a comeback since it’s at the highest rate it’s been in years and allows the younger generation to afford the cars they want at great rates. They also see the benefits of leasing because they don’t have to pay for the upkeep and maintenance of these cars so that is one less expense they have to worry about.
This younger generation knows how to spend their money well so if you want to spend your money right as well, look no further than Thrifty Auto Shipping for your vehicle transport needs.