Over the last year, more Millennials are choosing pre-owned minivans as their vehicle of choice.
According to recent Polk used vehicle registration data from the first half of 2015, about 20% of used passenger van purchases were made by Millennials. How does this compare to other millennial used vehicle choices during the first six months of the year?
- 17.3% of sedan purchases were made by Millennials
- 15.8% of coupe purchases were made by Millennials
So, what could explain the increase in used minivan sales amongst Millennials this year?
The Financial Appeal of Used Minivans
According to Edmunds.com analyst Jeremy Acevedo, Millennials are concerned with practicality more than status. "When it comes to used cars, value and utility appear to trump just about anything else for many millennial buyers."
So, with the depreciation rate amongst used minivans being higher, it makes them more affordable for buyers looking for a larger, family-friendly vehicle. And now that more Millennials are approaching ages where they are starting families, this could explain the recent jump.
According to Edmunds, the top choices for minivans from the first half of 2015 for Millennials were:
- Volkswagen Routan (24.6% of Millennial buyers)
- Nissan Quest (23.9% of Millennial buyers)
- Honda Odyssey (23.6% of Millennial buyers)
With that said, the Minivan segment still ranks lower (only 6%) amongst Millennials in used registrations, overall, when compared to sedans, SUVs and pickups. But these people haulers did outrank hatchbacks (4.8%) and coupes (3.9%).
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