Why millennials like to lease cars

More millennials are jumping into their own cars this year, despite the stereotype that they only get around on bikes and in ride-sharing services like Uber and Lyft.

The age group made up more than a third of all auto loan originations in 2015, according to Dealertrack, a dealership network under Cox Automotive, which owns Kelley Blue Book and AutoTrader. Dealertrack defines millennials as 18-34 year olds. Such a trend may temper the automotive industry’s concerns that millennials will abandon car ownership.

“There is a fear that this demographic group was only going to focus on ride-sharing and Ubers, and would not be interested in a car,” said Jason Barrie, vice president of market performance and finance and insurance solutions at Dealertrack.

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