Millennials are continuing to have a great impact on the automobile industry.
According to a recent report by TrueCar, millennials are expected to purchased 4.24 million cars and light trucks this year, generating $135 billion in total revenue and making up about 25 percent of the new car market. Those born from approximately 1980 through the late 1990s are seeing their level of unemployment improving as well as an improving availability of quality jobs.
Millennials are also driving more than other generations with an average of 144 miles per month according to a recent survey by MTV. TrueCar projects that the average new car purchase by millennials this year will be $31,771, which is slightly under the industry average of $32,589. In addition, it is being estimated that total new light vehicle sales will increase an estimated 2.6 percent to 17 million units.