ONLINE BANKING
Access ID:
Pay Online Button

CD Rates

Millennials less interested in cars than previous generations

Posted on Monday, September 17, 2012 at 10:09:17 PM

Once upon a time, you turned 16 and pestered your parents to take you to the local Department of Motor Vehicles to get your license. That shiny I.D. represented your freedom and the chance to hit the open road. Now, America's young people, largely categorized as Generation Y, are forgoing buying wheels.

CNN Money reports that the share of new cars purchased by Americans between the ages of 18 to 34 has dropped 30 percent in the last five years. The urbanization of the nation's youth, increasing access to public transportation and growing popularity of on-demand services such as Zipcar are combining to decrease Generation Y's desire to own a vehicle.

However, as this generation continues to age, auto trend experts are predicting that the group will slowly return to the suburbs and require wheels once again. A large majority of America's youth is still hitting the roads with the help of auto financing – they just might be focusing on different qualities in autos than previous generations. ADNFCR-16001052-ID-800864403-ADNFCR