For roughly the last decade, we’ve heard the motoring media bemoan Millennials as the generation that snubbed driving. Their inability to find and hold jobs that paid as well as their parents’ did at the same stages of life, combined with elevated costs of living and crippling student debt load, negatively impacted their purchasing power. Still, this generation might be just the tip of an iceberg the industry’s about to careen into.
As it turns out, Generation Z might even be less interested in cars. In addition to facing similar financial constraints as their older peers, most of them aren’t even bothering to get a driver’s license.
It looks as though more parents are increasingly paying for the transportation needs of their (sometimes very old) children.
Thanks largely to abandoning the important job of parenthood, a Bank of America survey a discovered small portion of adults between age 23 and 37 are now able to put away legitimate savings. However, the prevalence of student debt, low-paying jobs, and an increased cost of living has left many to continue scrimping and saving. In fact, most Millennials under 24 had less than $1,000 in their savings accounts, with nearly half having no savings at all. The former was also true for older members of the same generation. On average, it’s presumed that Millennials are earning 20 percent less than their Boomer parents at the same stage in life — despite being better educated, overall.
That’s causing future issues for the automotive industry. When Bankrate surveyed Americans to get their financial priorities on record last month, 23 percent of respondents specified that student-loan debt directly influenced their decision to delay purchasing a new car. Considering both monthly payments are frequently set to the tune of hundreds of dollars, that would make a lot sense.
Latest Car ReviewsRead more
Latest Product ReviewsRead more
- Bullnuke It may be awhile before these show up on US shores. The MV Fremantle Highway has just started demo/reconstruction in Rotterdam after the large fire when transporting its last shipment of electric Porsche products.
- Fie on Fiasler Big, fast and thirsty does not equal good. True luxury is not cobbled together by the UAW.
- Inside Looking Out I see it as gladiator races - only one survives in virtual world.
- Crown They need to put the EcoDiesel back in the Grand Cherokee. I have a 2018 and it has been the most reliable vehicle I ever owned. 69,000 miles and only needed tires, and regular oil and fuel filter changes.
- El scotto Y'all are overthinking this. Find some young hard-charging DA seeking the TV limelight to lock this kid up. Heck, have John Boehner come up from Cincy to help the young DA get his political career going. Better yet, have the young DA spin this as hard as he or she can; I'm the candidate for Law and Order, I defied our go-easy office and leadership to get this identified criminal locked up. Oh this could be spun more than a hyper active kid's top.Now I'd do some consulting work for Little Kings Original Cream Ale and Skyline Chili.