Why is ‘Generation Y’ Losing Interest in Cars?Posted by Shane McKinley on Tuesday | January 08, 2013
Even at the start of the last decade, it was clear that automakers would always have a love-hate relationship with Generation Y. From 2004, people were driving 6% less miles than they did the year before. The shift was quite unheard of, considering there has been a steady increase in mileage from the end of World War II up to 2003 for all car owners in America.
The census among people ages 18-34 have made it clear: they don’t use cars a lot. So why is this happening? Why do the youth consider cars as inauspicious and unnecessary? A study by the Frontier Group cited a couple of reasons for the sudden drop in automobile interest.
The lack of the incorporation of social media on cars is taking a toll on the industry. With most of Gen Y invested in their Facebook and Twitter accounts, they see driving cars as a hindrance to their attachment with their beloved social sites.
You see a trend among young people these days. They leave home early and decide to live on their own, living in cities and other such urbanized settlements. Thus, they keep every necessary destination in congruent to where they live. Who needs cars when the nearest grocery or bar is just a few blocks away?
High Prices of Gas
Statistics have shown an increase in the number of youth who have either been unemployed or underemployed. With the high prices of gas, it’s hard to maintain a car these days let alone drive one for any minimum wage earner. And speaking of driving…
Harder Driving Laws
With the ever-increasing rate of accidents, road laws have become tighter. In turn, this has also made it a lot harder for people to acquire driver’s license.
While it is welcoming to see how lesser cars will be on the road in the coming years, car companies will likely suffer if the trend continues. That is unless they figure out how to get around the said issues.
[Photo Credit: State Farm on Flickr]