What are the Favorite Cars for Every Generation?

Favorite Cars for Baby Boomers: Trucks & SUVs

The Baby Boomers are experienced car buyers. What kind of cars do Boomers drive? While the vehicle preference can vary for each buyer and might be influenced by the budget, personal style, and even brand loyalty, these are the most popular vehicles chosen by Baby Boomer car buyers according to Entrepreneur:

• Ford F-Series
• Honda CR-V
• Chevrolet Silverado
• Toyota RAV4
• Ram (pickup)
• Chevrolet Equinox

The publication noted that younger Baby Boomers more often leaned toward the F-Series, while the most popular vehicle for older Baby Boomers was the Toyota RAV4. The Chevrolet Equinox was a popular choice for older generational cohorts but wasn’t on the list for the younger half of the generation. All other vehicle choices overlapped and were favorites across the Boomer generation.

Interestingly, the Baby Boomers all preferred the F-Series, Silverado, and Ram pickup. These were the three most popular vehicles in 2022 (by sales volume). In addition, the RAV4 was the fourth most popular vehicle in 2022, while the CR-V was the seventh best-selling vehicle.

The Baby Boomers tended to gravitate toward the most popular vehicles in the country, and their buying power also likely contributed to the sales volume and popularity of these vehicles.

Favorite Cars for Gen X: Picking Up the Slack

Gen X is known as the sandwich generation as it’s stuffed between the Baby Boomers and the Millennials. Gen X tends to get ignored by the media and maybe by businesses, too. They were once known for their slacker mentality and were defined by the grunge era, but this generation has become parents and leaders in the workforce. Elon Musk is Gen X, and so is Sergey Brin.

What kinds of vehicles does this generation drive? They share a lot of driving preferences with the Boomers. According to Entrepreneur, Gen Xers prefer the Chevrolet Silverado. However, they also drive the F-Series, Ram, and the Toyota RAV4.

Gen X does differ from their parents in that they also have been known to choose one popular electric vehicle. The Tesla Model Y is among this generation’s top vehicle choices.

Favorite Cars for Xennials: One Foot In Each Generation

Younger Gen Xers and older Millennials tend to be known as Xennials or Gen X/ Millennial Cuspers. They have one foot in each generation and share traits of both. These individuals remember landlines and their teen years introduced them to the internet. They are young enough to be proficient in social media platforms and old enough to remember how great life was without these platforms.

The Xennials also tend to prefer the Silverado more than other vehicles. However, while their other popular choices are the same as Gen X, they fall in a different order. After the Silverado, Entrepreneur reported that the Xennials will choose the RAV4, F-Series, and Ram. Like their older siblings, Gen X, they also like to drive the Tesla Model Y.

Favorite Cars for Millennials: Small SUVs Prevail

The Millennials were the coveted sales demographic for years. However, this generation has been usurped in popularity by Gen Z. The Millennials are known for specific buying habits related to their vehicles, and research has revealed that Millennials prefer vehicles that are affordable, fuel-efficient, and safe.

This generation’s number one choice for cars, according to Entrepreneur, is the Toyota RAV4, followed by the Jeep Grand Cherokee, Chevrolet Silverado, and F-Series. While Kroll’s data shows that affordability tends to be the driving point for millennial car buyers, the most popular vehicles chosen by this generation aren’t necessarily the most affordable. The 2023 RAV4 starts at over $28,000, while the Jeep Grand Cherokee is priced at over $40K.

Favorite Cars for Gen Z: Sedans and Toyota Top the List

Data from a CDK Global survey revealed that Gen Z has been known to prefer luxury auto brands, and this generation also is known for their thorough research and their penchant for haggling over price. CDK Global also noted that Gen Z doesn’t love buying a car online and prefers the dealership in-person experience.

What are they buying? Gen Z favors Toyota!

Entrepreneur reported that Gen Z’s favorite vehicle is the Toyota Camry, which also happens to be the fifth best-selling vehicle of 2022. Like the Millennials, Gen Z also favors the RAV4. Gen Z’s car favorites also include the Toyota Corolla, Honda Civic, and the Chevrolet Silverado.

What about Electric Vehicles?

For years, the media has been abuzz with news of the latest electric vehicles (EVs). The future was certainly destined to be electrified. The industry has seen the introduction of new electric manufacturers and many new models. GM and other manufacturers have pivoted to electric power.

The tax credits for electric vehicles have changed, though. These changes might be confusing to buyers and they also could exclude some models. In addition, electric vehicles aren’t affordable for many buyers—even with tax credits. Unfortunately, some affordable EV models like the Chevrolet Bolt EV and the Chevrolet Bolt EUV have been discontinued.

Only one electric vehicle model is among the favorite vehicles of Gen X and the Millennials. The Tesla Model Y also happens to be the ninth most popular vehicle of 2022. However, the Model Y is priced at over $47,000 for the all-wheel drive option; this is the least expensive Model Y option available. The Model Y Long Range is priced at over $50,000, and the Model Y Performance can get close to $54,000.

All the Model Y options, though, boast a decent estimated range. The Model Y all-wheel drive offers an estimated range of 279 miles, the Model Y Long Range can reportedly drive an estimated 330 miles on a full charge and the Model Y Performance offers an estimated range of 303 miles.

If electric is the future, though, who is buying these vehicles? Only the Tesla Model Y and the Tesla Model 3 were among the best-selling vehicles of 2022 as published by Car and Driver. With the discontinuation of some affordable models, the options for low-priced EVs will get slimmer. For buyers, this means that most electric vehicles will be considered a luxury purchase based on the price point of these vehicles.

Looking for Budget-Friendly Vehicles? These are the Most Affordable Models

While each generation might have unique buying preferences, some consumers choose a car based only on their budget. Buyers might look for the most affordable new car models on the market. As interest rates have increased, the price of buying a new or used car has become more expensive. Interest rates bump up the monthly payment, making even low-priced vehicles a pricier purchase.

For car buyers who are interested in finding the most affordable vehicle on the market, these are the vehicle models that are sometimes priced under $20K:

• Nissan Versa ~$15,830
• Mitsubishi Mirage $16,245 / Mirage G4 ~$17,245
• Kia Rio ~$16,750 / Rio 5-door ~$17,690
• Hyundai Venue ~$19,650
• Subaru Impreza ~$19,795
• Kia Forte ~$19,690
• Kia Soul ~$19,890

The most affordable vehicle on the market is the Nissan Versa. Besides sometimes being priced at less than $16K, it also reportedly gets great gas mileage. The Versa can get an estimated 32 MPG in the city and 40 MPG on the highway. However, the Mitsubishi Mirage is considered the most fuel-efficient vehicle on the market that isn’t a hybrid; the Mirage can get an estimated 36 MPG in the city and 43 MPG on the highway.

Used Car Options and Prices

Some car buyers might not want to purchase a brand-new model. Since cars can lose value the minute they drive off the lot, buyers might prefer to save money and purchase a used or pre-owned vehicle. While the supply crunch of new cars put pressure on the used car market and increased the prices of these vehicles, the used market is starting to become more affordable.

Car buyers who are on a tighter budget can research their used car options; Kelley Blue Book (KBB) lets consumers find prices for makes/models in their area. In addition, the site also allows car owners to obtain a trade-in value estimate for their current car.

While used car prices might be more affordable, buyers who need to finance their used cars might discover that the interest rates for used vehicles are higher. Nerdwallet reports that in the third quarter of 2022, the average interest rate for used car loans was more than 10 percent.  However, rates also depend on the individual’s credit score.

Finding the Best Car

Every generation might have specific preferences related to the type of car or the make/model they want to drive. The price also can influence a buyer’s decision; as interest rates rise, buyers might find that they need to shop for lower-priced vehicles to ensure they can afford the monthly payment. Although a Gen Xer might prefer to drive a Silverado, they might find that their budget only accommodates a lower-priced small sedan. For many buyers, the price dictates the options. Buyers can research vehicles that fit into their budget and then shop around for the best interest rate to keep the monthly payment affordable.