According to Manhattan Institute Senior Fellow Mark Mills, J.D. Power has found that millennials are the fastest growing class of car buyers. Edmunds reports that millennials lease luxury brands at a higher rate than average. Nielsen reports millennials are 40% more likely than average to buy a vehicle over the coming year. Overall electric-car sales are down 20% this year, with SUV sales up 15%.
Urban dwellers? The latest Census reveals a net migration of millennials from the city to the car-centric suburbs is already under way. And it’s just starting: A survey sponsored by the National Association of Home Builders finds 66% of those born since 1977 say they plan to live in a single-family suburban home.
Peak driving? Federal Highway Administration data show 40 billion more total miles driven in the first half of 2015, compared with the last peak set in the same period in 2007. Gasoline demand in 2015 is rising too, soon to blow past the previous record of 9.2 million barrels a day, also set in 2007.