Originally Posted by
Llamero
Sadly, I can't help but wonder if you factor in decreased buying power of this age group due to rapidly rising education costs, as well as a miserable job market, sums up to a lot of young adults simply not having the same opportunities their parents used to have at that age.
I agree--both actual lower buying power, combined with tighter credit right now that means you have to have a higher credit score to buy a new car (or a house for that matter--I've read that young folks are also buying fewer houses than they did a few years ago).
I also think many young people have a belief that the future is pretty uncertain, and buying espensive items on credit is a poor financial strategy at this time. Many would rather invest in computers, cell phones and so on. I met one young guy who said he has more than $10,000 worth of electronic studio equipment, even though he never plans to be a professional musician.