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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 Francis on Wednesday September 14 2016, @11:07PM
Where you live has a huge impact on the rates you pay even before you factor in driver specifics. Just a move across town can result in rates changing as the insurance company factors in any changes in risk for theft.
I think if you live in places like New England or California you're going to get screwed on insurance. Sometimes all you can do is buy a cheaper car and not bother with collision on it.
That being said, that's one of the reasons that I ride a motorcycle, insurance is cheap and not even required. I pay about $100 a year for insurance. Next year I might upgrade the insurance policy to something nicer, but motorcycles don't do much damage typically and nobody is likely to want to steal a 250cc bike as long as I don't make it easy for them to steal.