"With recent studies showing a huge decline in auto sales among the millennial marketplace, itís no wonder auto manufacturers are in a mild state of panic, realizing theyíre missing out on a generation that wields $200 billion in purchasing power. Numbers donít lie, and over the last few years statistics have shown a significant drop in young people who own cars, as well as those with driverís licenses--and that decline continues among the youngest millennials, meaning this is not a trend thatís going away anytime soon. From 2007 to 2011, the number of cars purchased by people aged 18 to 34, fell almost 30%, and according to a study from the AAA Foundation for Traffic Safety, only 44% of teens obtain a driverís license within the first year of becoming eligible and just half, 54% are licensed before turning 18. This is a major break with the past, considering how most teens of the two previous generations would race to the DMV for their license or permit on the day of their 16th birthday."
Read the full article: Millennials Don't Care About Owning Cars, And Car Makers Can't Figure Out Why | Co.Exist | ideas + impact