Millennials and Baby Boomers are very different generations for a variety of reasons. One of the most often overlooked differences is their first cars.
Obviously, the popular models were extremely different back then, with most of them considered to be “classics” now. However, you’ll also notice that proportionally, Baby Boomers actually paid more for their first cars than Millennials do now on average.
It seems hard to believe, but due to tight budgets and a struggling economy, Millennials are rather limited in their first car options.
Popular models for Baby Boomers included the 1966 Ford Mustang, 1966 Chevrolet Camaro, 1961 Austin Mini Cooper, 1967 Pontiac Firebird Trans Am, 1967 Volkswagen Beetle, and 1970 Datsun 240z.
The prices for these models ranged from $1,595 (the cost of the Austin Mini Cooper) to $4,589 (the cost of the Chevrolet Camaro) back in the day. And the best part was that these cars were usually brand new when they were bought.
Now, most first cars are pre-owned. Popular models for Millennials to buy include the Pontiac Aztek, Dodge Magnum, Chrysler Pacifica, Volkswagen Golf, Chevrolet Trailblazer, and Honda Civic.
The prices for these models range anywhere from $2,673 (the cost of the Pontiac Aztek) to $9,000 (the cost of the Volkswagen Golf and Honda Civic), as of the year 2016.
Adjusted to reflect inflation, figures show that Millennials spend an average of $6,500 on their first cars, while Baby Boomers would have spent an average of $19,100 on their first cars, assuming the prices are the same as they are in 2016.
An infographic by Pony Parts.