# Buying a car is the most important experience for millennials
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-04-26
Category: LIFESTYLE
Category URL: https://financedigest.com/category/lifestyle
Meta Title: New Research Reveals Millennials Prioritise Buying a Car
Meta Description: New research shows millennials prioritise buying a new car over travelling the world, with baby boomers also valuing a new vehicle as a top experience.
URL: https://financedigest.com/buying-a-car-is-the-most-important-experience-for-millennialshtml

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- Millennials would rather buy a car than travel the world
- For baby boomers, a new car is the third highest spending priority, after seeing their favourite bands and visiting Europe

Younger generations are now more likely to prioritise buying a new car than travelling the world, new research has revealed¹.

The research, conducted by short term loan provider Wonga, asked 18-34 yearolds and baby boomers (55+) to rank a series of [key life experiences to determine the differences between generations](https://www.financedigest.com/foot-orthotic-insoles-market-to-generate-us-5-billion-by-2026-growth-key-business-strategies.html "Foot Orthotic Insoles Market to Generate US$ 5 Billion by 2026 | Growth & Key Business Strategies").

More than one in five (21%) millennials said that buying a new car is the top experience everyone should have at least once in a lifetime, beating other typical bucket list items, such as seeing their favourite bands (11%) and taking gap years (3%).

The appeal of buying a new vehicle appears to transcend age categories, as nearly one in six (16%) of the baby boomer generation also listed the experience as the most [important thing people should do in life](https://www.financedigest.com/life-insurance-why-is-it-so-important.html "LIFE INSURANCE: WHY IS IT SO IMPORTANT?"). When asked to rank 13 different experiences, over 55s gave buying a new car the third highest average position, beaten only by visits to [Europe and seeing](https://www.financedigest.com/europe-sees-travel-recovery-as-covid-restrictions-ease.html "Europe sees travel recovery as COVID restrictions ease") their favourite bands.

Despite more millennials saying that [buying a new car is the number one life](https://www.financedigest.com/buying-life-insurance-after-a-diabetes-diagnosis.html "Buying Life Insurance After a Diabetes Diagnosis") experience, it is the over 55s who are more likely to make such a purchase within the next year. When asked what they expected to buy over the next 12 months, 7% of the baby boomer generation said a new car, compared to 6% of 18-34s [\[1\]](https://mail.google.com/mail/u/1/#m_1498811137780258442__ftn1).

**The most important experiences for 18-34 yearolds and baby boomers are:**

**18-34s****Baby boomers (over 55s)**1.   Buying a brand new car1.      Visiting Europe for a long weekend2.  Seeing your favourite band live2.  Seeing your favourite band live3.  Going to university and living away from home3.  Buying a brand new car4.  Visiting Europe for a long weekend4.  Going to university and living away from home5.  Adrenaline-seeking activities: e.g. skydiving, climbing a mountain etc.5.  [Seeing iconic landmarks in the world](https://www.financedigest.com/in-u-turn-iea-sees-world-weathering-lost-russian-oil-supply.html "In U-turn, IEA sees world weathering lost Russian oil supply")6.  Going to a festival6.  Going to a festival7.   Taking a gap year7.   Owning a pet8.  Owning a pet8.  Adrenaline-seeking activities: e.g. skydiving, climbing a mountain etc.9.  Renovating a house9.  Taking a gap year10\. Seeing iconic landmarks in the world10\. Renovating a house

James McMaster, [Head of Marketing](https://www.financedigest.com/the-head-and-face-aesthetic-procedure-market-to-have-growth-devised-on-innovation.html "The Head And Face Aesthetic Procedure Market to have growth devised on innovation") in the UK at Wonga, said: “After looking into which life experiences generations value the most, we were surprised to find that buying a car tops the list for millennials. Though differences between the two generations are widely documented, the two groups share a love of [live music](https://www.financedigest.com/ed-sheeran-wins-best-artist-as-mtv-europe-music-awards-returns-to-live-format.html "Ed Sheeran wins best artist as MTV Europe Music Awards returns to live format") as both rank seeing their favourite band in second place.”

To read more about how the older generation look after their money, visit Wonga’s Cash Smart hub:

https://www.wonga.com/cashsmart/articles/image-articles/saving-tips-from-the-older-generation/


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