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Millennials hesitant to jump into auto market

Detroit News -- The auto industry says it's concerned that financially pressed young people who connect online instead of in person could hold down peak demand by 2 million units each year.

The rate of U.S. auto sales to 18- to 34-year-old buyers declined to 11 percent in April 2012, down from 17 percent for the same age group in April 2007, before the recession, according to Southfield-based R.L. Polk & Co.

At stake is whether the recovery in vehicle sales is restrained by Gen Y. U.S. sales of cars and light trucks rose 14 percent to 8.43 million in the first seven months and are on pace to total more than 14 million for 2012. That would be the best year since 2007. That lags the annual average of 16.8 million from 2000 through 2007.

A combination of lower wages for the youngest workers and the


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Submitted Sep 09, 2012 By: bar1035
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Author Topic: Millennials hesitant to jump into auto market Back to Topics
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mobil1MN
All-Star Author Minnesota

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Message Posted: Sep 10, 2012 9:56:01 PM

ok
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sparky808
Champion Author Honolulu

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Message Posted: Sep 10, 2012 12:37:17 PM

Thank you for posting.
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mikesr100
Champion Author Sacramento

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Message Posted: Sep 10, 2012 9:34:26 AM

Less accidents!
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DerHahn
Champion Author Illinois

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Message Posted: Sep 10, 2012 7:35:10 AM

those same people are preferring to stay in the city as well instead of moving further out with burb growth.
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D4444J
Champion Author Albuquerque

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Message Posted: Sep 10, 2012 2:18:09 AM

Younger people lack ability or desire to get finacing
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Number43
Champion Author Lexington

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Message Posted: Sep 10, 2012 12:47:47 AM

People who are unemployed and living with their parents can't afford to buy new.
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Number43
Champion Author Lexington

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Message Posted: Sep 10, 2012 12:46:29 AM

I don.t usually buy a new car, favoring instead a used car.
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Amtrgas
Champion Author Oakland

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Message Posted: Sep 9, 2012 11:51:29 PM

In hard times you have to make due with what you can.
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melvindale
Champion Author Michigan

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Message Posted: Sep 9, 2012 9:44:01 PM

Millennials need a cheaper car. The Chevy Spark for $12,000 is a nice try. Now Ford, Chrysler, Honda, Nissan, Fiat, and Toyota need to each in turn out do them price and fuel economy wise until someone offers an $7,000 car getting 40 city and 60 highway for a 50 mpg combined fuel economy. That is the car that will capture the 'Millennials' for now, and for life if you follow up with exceptional products for them to move up to when they can move up.
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camel1
Champion Author Minnesota

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Message Posted: Sep 9, 2012 9:33:59 PM

Sales to the age group are down because (1) college education debts, (2) low wages, (3) higher under and unemployment, and (lack of vehicle need due to urban residence
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CorvairHaven
Champion Author Cleveland

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Message Posted: Sep 9, 2012 9:23:23 PM

A different generation with even less understanding of the concept of money than the last one.
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walkingtall
Champion Author Toronto

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Message Posted: Sep 9, 2012 9:21:45 PM

Milennials hesitant to jump into auto market and the high cost of cars is mean reason that they're selling that well and the promise is for higher prices caused by increased government regulations.
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Red7002011
Champion Author Mississippi

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Message Posted: Sep 9, 2012 9:21:05 PM

Really!
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dougerstew
Champion Author Oregon

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Message Posted: Sep 9, 2012 9:20:28 PM

not surprised
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gmcgas
Champion Author Atlanta

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Message Posted: Sep 9, 2012 9:17:04 PM

at least they see cars as a dead expense all the way. no investment at all.
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waynemustang
Champion Author Indiana

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Message Posted: Sep 9, 2012 9:15:51 PM

They drive used cars.
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Focus2
Champion Author Illinois

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Message Posted: Sep 9, 2012 9:14:30 PM

We are the envy of other countries in the world and are doing better than most. The UK tried cutting back on spending and got themselves into a double dip recession. People in the UK stopped buying cars and fixed up their old ones. Some countries have more than 25% unemployment. A tough Global economy should make young people think before investing so much money into a vehicle.
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headhog
Champion Author Indiana

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Message Posted: Sep 9, 2012 9:13:58 PM

I suspect many are unemployed or underemployed. Many also have significant debt already from college bills.
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harleyhusker
All-Star Author South Dakota

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Message Posted: Sep 9, 2012 9:12:42 PM

yup
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N4PIP
Champion Author Miami

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Message Posted: Sep 9, 2012 9:12:31 PM

It's hard to afford a car when a bachelors degree nets you $10 to $15 an hour.
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BigBearHug
Champion Author Amarillo

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Message Posted: Sep 9, 2012 9:11:08 PM

so?
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JimVP
All-Star Author Chicago

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Message Posted: Sep 9, 2012 9:09:25 PM

Look at the unemployment rate of the 18 to 34 year olds. Difficult to buy a car when you are not employed.
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Fhuang66
Champion Author Cleveland

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Message Posted: Sep 9, 2012 9:06:33 PM

Unless it i snecessary, not everyone need to own a car.
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drz614
Champion Author Harrisburg

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Message Posted: Sep 9, 2012 9:06:00 PM

u reap what u sow
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scubadaniel
Champion Author Dayton

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Message Posted: Sep 9, 2012 9:05:40 PM

There are just sitting in their parents home in the the room they grew up in looking at their faded Obama poster wondering when they will ever find a job.....
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iamforiu
Champion Author Indiana

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Message Posted: Sep 9, 2012 9:04:07 PM

No surprise here
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toadNY
Champion Author Albany

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Message Posted: Sep 9, 2012 9:02:49 PM

Do they even have a job in this economy?
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Focus2
Champion Author Illinois

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Message Posted: Sep 9, 2012 9:01:45 PM

Cars are too expensive! I only paid $11,000 for my brick home when I bought it brand new. Housing prices have fallen but not auto prices.
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netman044
Champion Author Texas

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Message Posted: Sep 9, 2012 9:01:13 PM

High cost of cars is a main reason that they aren't selling that well and the promise is for higher prices caused by increased governmental regulation.
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Pete12
Champion Author Albany

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Message Posted: Sep 9, 2012 9:00:49 PM

They probably don't have as much money as an older person might.
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slowpoke63
Champion Author Louisiana

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Message Posted: Sep 9, 2012 9:00:05 PM

ok
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bradley1969
Champion Author Wisconsin

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Message Posted: Sep 9, 2012 8:58:41 PM

O.....WHATEVER!!!!!!!
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itzagasgasgas1
Champion Author Cincinnati

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Message Posted: Sep 9, 2012 8:58:08 PM

Make them sign a no text pledge if they want a low interest loan.
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mplato
Champion Author Columbia

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Message Posted: Sep 9, 2012 8:58:05 PM

so is this baby boomers
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ILoveGoldens
All-Star Author Kentucky

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Message Posted: Sep 9, 2012 8:57:50 PM

Where are the young people going to get the $$ to buy a car, esp. a new one?? Or are we going to have a lot of repos, just like in the housing market?
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Gascapade
Champion Author Fort Worth

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Message Posted: Sep 9, 2012 8:57:21 PM

Perfect market fit for the GM Spark.....
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Spankster85
Champion Author Chicago

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Message Posted: Sep 9, 2012 8:56:28 PM

I don't find this the least bit surprising.
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bell05
Champion Author Atlanta

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Message Posted: Sep 9, 2012 8:56:21 PM

A real shaky time in life.
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Spirits
All-Star Author Florida

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Message Posted: Sep 9, 2012 8:55:31 PM

Poor kids.
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MRHONEST
Champion Author Illinois

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Message Posted: Sep 9, 2012 8:54:38 PM

Really?
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pbug101
Champion Author Georgia

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Message Posted: Sep 9, 2012 8:54:12 PM

ok
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CatMan623
Champion Author Houston

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Message Posted: Sep 9, 2012 8:53:57 PM

The extreme shake-down of college students that has happened in the last 20 years will come back to haunt this country for decades. You can't imagine the amount of money that has been heisted. Last number I saw is that student loans are now over $1 TRILLION.

The universities, both public and private, should be ashamed of themselves. But, we have no shame anymore.

No, I'm not a student, and No, my kids do not have student loans to pay off.

[Edited by: CatMan623 at 9/9/2012 9:54:39 PM EST]
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dollarwatcher
Champion Author Wisconsin

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Message Posted: Sep 9, 2012 8:52:27 PM

There are more singles in that age group who can afford a new car. Get married and have some kids and then see what happens to the monthly budget.
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merlinMalo
Champion Author San Antonio

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Message Posted: Sep 9, 2012 8:51:53 PM

ok
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munch252
Veteran Author Cleveland

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Message Posted: Sep 9, 2012 8:51:32 PM

If your concerned Detroit try keeping the price of vehicles downinstead of these ridiculous increases. A Ford Taurus for $35000? You have got to be insane!
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bvrbill
Champion Author Eugene

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Message Posted: Sep 9, 2012 8:50:48 PM

Not surprising.
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suzmar
Champion Author Texas

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Message Posted: Sep 9, 2012 8:49:37 PM

Who wants to commit to a large purchase when you don't know how secure your job is?
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Harry813
Champion Author Iowa

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Message Posted: Sep 9, 2012 8:49:33 PM

Well......... I did not buy a new car when I was that age either!
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TekWare
Champion Author Toronto

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Message Posted: Sep 9, 2012 8:49:12 PM

Between gas prices and insurance, they're being priced out of the market. Not dissimilar from the housing market.
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carman11
Champion Author North Carolina

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Message Posted: Sep 9, 2012 8:48:50 PM

A larger group of young people would prefer a carless life. They say they do don't enjoy paying for a new car. Times are a changing.
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