Traditional wisdom seems to be that millennials aren’t making big purchases like homes and cars, but that’s not entirely true. Millennials, who Experian defines as those between the ages of 23 and 38, made up 27.9% of new car sales in the first quarter of 2018.
That’s up nearly 2% from Q1 the year before. Car sales for Generation X were flat at 27.2%, and down more than 1% for baby boomers.
Experian released numbers based on new-vehicle registration, and these cars are the top 10 for millennials. Perhaps surprisingly, millennials are gravitating toward SUVs. Nearly half (47.3%) of all cars sold in Q1 of 2018 were SUVs, followed by sedans (25.6%).
Note that the top-selling specific models don’t quite match the overall trends. On top of the list is the Honda Civic, which made up only 3.3% of all new vehicle registrations. The Civic is even ranked as one of Yahoo Finance and Autoblog’s best cars for $25,000. No. 2 is the Ford F-150 with 2.7%.
Here’s the full list with market share:
- Honda Civic (3.3%)
- Ford F-150 (2.7%)
- Chevrolet Silverado 1500 (2.5%)
- Toyota Camry (2.5%)
- Toyota RAV4 (2.4%)
- Honda Accord (2.1%)
- Honda CR-V (2.1%)
- Ram 1500 (2.1%)
- Nissan Rogue (2.0%)
- Jeep Grand Cherokee (1.9%)
It’s worth noting Experian only listed what it calls “light-duty vehicles,” which are cars, sport utility vehicles and light trucks — excluding heavy trucks.
You may notice there is a lack of hybrid or electric vehicles on the list. We found that interesting, but Experian said there isn’t one significant reason why those vehicle sales lag behind the industry average.
According to Experian, Gen X has the highest share of hybrid and electric vehicles, and millennials are ahead of older generations.