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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: 1) by darkengine on Wednesday September 14 2016, @02:01AM
I can definitely relate to this, but I didn't know it until I owned a car. I'd rather walk or take the bus into town because if I can find a parking spot (and that is a mighty big if around here), it'll cost more than the bus ride would have. On top of that, I get honked at for not turning right on a red, pedestrians run out into the street like they have a death wish, and I get swerved around by Audis when I try to accelerate my shitty car in the far right lane. To say nothing of the monthly cost of insurance. I don't know if driving was fun in the past, but it certainly doesn't seem like it in present-day west coast cities.
(Score: 0) by Anonymous Coward on Wednesday September 14 2016, @02:45PM
"I get honked at for not turning right on a red"
Rightfully so.
(Score: 1) by darkengine on Wednesday September 14 2016, @05:06PM
I often don't feel like I can accelerate fast enough (again I will defer blame my shitty car) to get in lane when there is oncoming traffic. Of course, I will always go right on a red on a dead street, but I don't have the horsepower to beat the unending torrent of vehicles that I have to merge into without getting T-boned or rear ended. I'd rather get honked at than smooshed most days of the week.