The Kids Aren't Alright

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.

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Parents Are Buying Loads of Cars for Their Adult Children

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.

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  • FreedMike $27,000 adjusted and the heater was optional? Wow, how things have changed...
  • Zang I’m sorry but does anyone desire GMC products? Looks are subjective but across the board GMC kinda makes a case for taking home the ugly trophy. Their full size trucks look like a parody of full size trucks- like they couldn’t figure out anything original so they came up with… that. I get they’re playing for an upscale image but cmon son, with the Terrain and Acadia on the lot we all know you ended up here after the Lincoln/Cadillac/Toyota dealer encouraged you head to their pre-owned section. Combined with the zero credibility they have with the off road / overlanding crowd (you dont take the current Canyon off road unless you want a quick way to empty your engine of oil), GM’s reputation for building crappy vehicles, and the fact even their white trash customer base prefers RAM … who is this for?
  • FreedMike This car looks terrific from the front. Then we have the back end...I don't think the "very expensive halo car" approach is a bad one at all (though I'd price this a LOT lower than $300,000), but the "ugly $300,000 halo car" approach is going to fail. And I think the Lyriq - which has the same horrid rear-end treatment - is going to fail too. Is it too late to restyle this car? God, I hope not.
  • Corey Lewis This is a great idea, and I like it on the regular Bronco.Don't care about it on the Bronco Sp, where it's very fake.
  • FreedMike By the time you add in the inevitable dealer markup, you might as well find a nice old-school Bronco, like this one. https://bringatrailer.com/listing/1969-ford-bronco-114/