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Study: Gen Y still wants to drive

Posted on Tuesday, January 21, 2014 at 9:15:54 AM

Over the past few years it may have seemed like the only people interested in affordable auto financing and new vehicles were older adults. However, a recent study from consulting firm Deloitte has found that Generation Y - or those born between 1977 and 1994 - still want to get behind the wheel.

For the study, Deloitte surveyed more than 23,000 consumers across the world, including more than 2,000 in the U.S. alone. While Gen Y isn't the best car-buying segment, they remain invested in vehicle ownership.

"Well over half (61 percent) of Gen Y consumers in the Deloitte report expect to buy or lease a car within the next three years," said Craig Giffi, vice chairman of Deloitte LLP. He added that "almost a quarter (23 percent) expect to purchase or lease in the next 12 months - and a mere 8 percent do not expect to ever purchase or lease a vehicle."

This demographic may be interested in a number of new vehicles. According to Cars.com, the best car in 2014 is the new Chevrolet Impala, with runners-up including the Acura MDX, Hyundai Santa Fe, Kia Forte, Mazda3 and Mazda6. These vehicles were chosen based on overall quality, innovation and value, which could make them ideal options for any buyer this year.