Lackluster Economy Puts Brakes on Millennial Car Purchases

Edmunds.com

Lackluster Economy Puts Brakes on Millennial Car Purchases

The slow housing and job markets are keeping young buyers out of showrooms, according to a new analysis by Edmunds.

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stovt001_

The tired, lazy explanation that young people don't buy new cars as much because they're more interested in cell phones always drove me nuts. Interest in a $200 item has almost no bearing at all on the purchase of a $20,000 item. That $200 smart phone purchase once every 1-2 years is far less than the monthly payment on a new car. A cell plan with data is maybe a quarter of a monthly car payment. No, the fact that a new lowest-trim, no-option compact starts at what often amounts to a year's salary is what is putting new car purchases out of reach. Young people aren't uninterested in cars by nature. They just can't afford to be interested in them.