Stories
Slash Boxes
Comments

SoylentNews is people

posted by cmn32480 on Tuesday September 13 2016, @11:38PM   Printer-friendly
from the too-damn-expensive dept.

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.
...
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.


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 3, Insightful) by opinionated_science on Wednesday September 14 2016, @01:02AM

    by opinionated_science (4031) on Wednesday September 14 2016, @01:02AM (#401547)

    insurance is a ripoff. They will raise the rates ,every year unless you change.

    My dad told me about this, so I have been aware.

    I will say that most of the points raised so far are probably right - the ability to hail transport from a phone, has eluded the taxi cabs of just ten years ago!

    Add in the ability to get groceries etc...then you finally realise the freedom of a car, becomes the need to work, and get away. Once those have been contracted out...well who needs a car? I am really hoping my next car is autonomous!!

    Starting Score:    1  point
    Moderation   +1  
       Insightful=1, Total=1
    Extra 'Insightful' Modifier   0  
    Karma-Bonus Modifier   +1  

    Total Score:   3  
  • (Score: 2) by urza9814 on Wednesday September 14 2016, @11:31PM

    by urza9814 (3954) on Wednesday September 14 2016, @11:31PM (#402063) Journal

    insurance is a ripoff. They will raise the rates ,every year unless you change.

    Interesting...they decrease my rates every year automatically. I'm paying $50/month less now than I was when I switched to this provider (MetLife, due to an employer discount) back in 2012.