This 'Upper Class' Millennial Car Habit Might Surprise You

When consumers achieve financial comfort, one of the first items they're likely to consider upgrading is their vehicle. It's part of the reason an alarming number of Americans pay over $1,000 per month for their car. However, the millennial generation is redefining its approach to driving and vehicle ownership. While it may feel like cars are a necessity in much of the United States, according to Worth, 36% of millennials ranging in age from 28 to 43 with annual incomes over $250,000 and/or net worths of over $1 million prefer having access to a vehicle through car sharing to actually owning one.

While vehicles may not become one of the items millennials refuse to buy, this is a significant shift in consumer behavior. Older generations have historically favored car ownership and are not keen on car sharing. According to American Muscle, just 7% of baby boomers and 24% of Gen Xers have used car-sharing services. For many, car sharing may seem like a viable option as vehicle prices have gone up considerably in recent years. According to the Federal Reserve Bank of St Louis, car prices have increased by over 21% since January 2019, and the average price of a new car sits at $49,814 as of November 2025 according to Kelly Blue Book. But for upper-class millennials, affordability may not be as big a consideration. Instead, their shift to car sharing may stem from changing driving habits and conveniences like having on-demand access to a vehicle without having to service or store it.

While Americans are painted as a car-loving culture, younger generations are distancing themselves from that generalization. According to data compiled by Statista Consumer Insights, car ownership for millennials and Gen Zers is less important than it was for Gen Xers and baby boomers. A 2024 vehicle ownership survey from car-sharing service Turo found that 58% of Gen Zers and 56% of millennials would probably consider alternatives to purchasing or leasing a car. Instead of owning a car and keeping up with maintenance, they would access a vehicle through car-sharing services or rely on ride sharing or public transportation to move around.

By having flexible vehicle access, individuals also avoid ongoing costs like car insurance, maintenance, and repairs. Car insurance in particular has become significantly more expensive in recent years, with premiums increasing by 55% between January 2020 and September 2025, according to the Bureau of Labor Statistics. Meanwhile, routine car maintenance, which includes oil changes, tire rotations, air filter replacements, and brake repairs, can average $1,452 per 15,000 miles driven, according to AAA. While not having a vehicle at all times may feel odd, some affluent millennials are slowly rejecting the traditional idea of car ownership as they become more aware that new vehicles are assets that won't increase their net worth. Instead, they're opting for flexible transportation options better suited to their preferences.