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Auto manufacturers today are scratching their heads, trying to figure out why the millennial generation has little-to-no interest in owning a car. What car makers are failing to see is that this generation's interests and priorities have been redefined in the last two decades, pushing cars to the side while must-have personal technology products take up the fast lane.
It's no secret the percentage of new vehicles sold to 18- to 34-year-olds has significantly dropped over the past few years. Many argue this is the result of a weak economy, that the idea of making a large car investment and getting into more debt on top of college loans is too daunting for them. But that's not the "driving" factor, especially considering that owning a smartphone or other mobile device, with its monthly fees of network access, data plan, insurance, and app services, is almost comparable to the monthly payments required when leasing a Honda Civic.
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With recent studies showing a huge decline in auto sales among the millennial marketplace, it's no wonder auto manufacturers are in a mild state of panic, realizing they're missing out on a generation that wields $200 billion in purchasing power. Numbers don't lie, and over the last few years statistics have shown a significant drop in young people who own cars, as well as those with driver's licenses—and that decline continues among the youngest millennials, meaning this is not a trend that's going away anytime soon. From 2007 to 2011, the number of cars purchased by people aged 18 to 34, fell almost 30%, and according to a study from the AAA Foundation for Traffic Safety, only 44% of teens obtain a driver's license within the first year of becoming eligible and just half, 54% are licensed before turning 18. This is a major break with the past, considering how most teens of the two previous generations would race to the DMV for their license or permit on the day of their 16th birthday.
(Score: 4, Informative) by Zz9zZ on Tuesday September 13 2016, @11:48PM
The article seems to have figured out the answer. Young people today socialize more online so there is less need for transportation, they spend more money on technology instead of a vehicle, and they often are saving money for school or other uses.
~Tilting at windmills~
(Score: 2) by AthanasiusKircher on Wednesday September 14 2016, @01:36AM
Young people today socialize more online so there is less need for transportation, they spend more money on technology instead of a vehicle, and they often are saving money for school or other uses.
All true -- and I'd add, rather than "saving money for school," many of them are also paying back student loans. (Which are much larger and given to many more people than in past generations.) The combination of a student loan payment and a cell phone bill could easily add up to the cost of a car payment + insurance.
(Score: 3, Touché) by Snotnose on Wednesday September 14 2016, @03:48AM
I didn't have a 5 mile dick, so socializing online would not have met my needs when I was in my 20s. I most definitely wanted to be in her personal space, persuade her to let me closer, and over the course of 1-3 social interactions get my dick wet.
Owning a car, having a good paying job, and being responsible were indispensable in my quest to get my dick wet.
If you want to play who has the best selfie, then I feel sorry for you.
When the dust settled America realized it was saved by a porn star.
(Score: 4, Interesting) by julian on Wednesday September 14 2016, @07:05AM
Millennials are less sexually active than previous generations. [washingtonpost.com]
Some of us have written off that entire aspect of the human condition as an impractical and unnecessary distraction from other things that make us happy--and with less risk/cost. I realize I'm missing out on something, but that's true no matter what I do or how I spend my time. There's always something else you could be doing, dating and sex just aren't strong competitors anymore.
And since there's no need to impress anyone, we don't need cars or our own place to live--not that we could afford them with our student debt.
(Score: -1, Troll) by Anonymous Coward on Wednesday September 14 2016, @11:57AM
Congratulations! You have been awarded the coveted Rationalization Of The Year award.
Don't try to mask your loserhood by mumbling about "other things".
(Score: 2) by Phoenix666 on Wednesday September 14 2016, @01:57PM
Dye your hair blonde and move to East Asia. You'll do fine. It's not even hard, just teach English, or if that occupation is now flooded introduce some twist like "help you write winning essays for American university applications."
Washington DC delenda est.
(Score: 0) by Anonymous Coward on Wednesday September 14 2016, @06:04PM
Stay classy Ethanol.
(Score: 2) by Zz9zZ on Wednesday September 14 2016, @06:31PM
It must suck getting all old and crotchety, at least you probably have a full bathtub so you can get wet anytime you'd like.
The overwhelming importance of dating and sex has drastically reduced. There are a host of reasons as to why, but in the end it boils down to different lifestyles. I like sex, have had plenty of it, but its not something I will majorly adjust my life for. Now starting a family, that requires some serious life changes. If all you want is a little action you don't need a car, just money or low standards.
With your attitude I wouldn't touch any girl who wants some of that.
~Tilting at windmills~
(Score: 2) by Rivenaleem on Wednesday September 14 2016, @09:46AM
It's funny how the article answers it's own question. "Why can't millennials afford a car, but can afford a mobile phone + bills which COST AS MUCH AS A CAR LEASE?" And no the economy is not the problem, we already though of that...
It's like one of those options dilemmas:
Student Loan, Car, Mobile Phone, House, Social Life, Family.
Pick One.
Sillyness.
(Score: 2) by julian on Wednesday September 14 2016, @03:54PM
You can probably pick three of those, but most millennials consider a phone with Internet a necessity (and for good reason) so that's one thing off the bat. Lots of us don't have any other computing device or internet connection so it probably saves money in that sense. If you have student debt that's another, and that's not an expense you can just drop. So that leaves one choice out of home, family, social life, car. Social life usually wins, but a lot of us end up picking student loans twice to get them over with faster.
I've been making 4x payments on mine so I'll be debt free this year. Actually I don't know what I'll do with all my free money/time once that's paid. Those other things don't interest me. Save it I guess?