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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: 2) by fritsd on Wednesday September 14 2016, @09:41AM
Since I own a car, I don't like to think about what it costs me, but here goes..
car: approx $ 1200 (20 year old Mazda 323. drives fantastic; just don't go over 90 km/h too often, and watch out for the speed bumps)
4 new winter tires $120 iirc.
gasoline: tank 25 l of euro-95 every 2 months = $ 30 => $ 180
yearly checkup: $ 35
things that have broken/rusted off the car without me noticing, and need to be repaired for it to be approved: $100
4 new summer tires $120 iirc.
Changing thetires twice a year I can do myself, but I'm too ignorant to do repairs or even serious maintenance.
we've got the car now for 5 years, so let's divide ( $1200 + $240 + saving for a replacement $2400 ) by 5 => $ 768
I make it $ 1083 / year. But then again I only drive when it's absolutely necessary or when we go shopping, once a week.
This guesstimate is lower if, as I'm fervently praying, my car will also pass its inspection this coming autumn.
It has the lowest (cheapest) environmental tax category w.r.t. CO2. Don't they sell Mazda 323 in the USA, or is that below the dignity of status-conscious drivers?
It doesn't have airbags because they weren't invented yet, that's the only disadvantage I can think of.
(Score: 2) by fritsd on Wednesday September 14 2016, @09:58AM
oops, forgot about the car insurance. add $ 200 / year. But the bastards upped their price last year, so I'm switching to a cheaper insurance next year.