GasBuddy News Article

votes

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

Read the Full Article

Submitted Sep 09, 2012 By: bar1035

Back To News

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: Millennials hesitant to jump into auto market	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First

Next Last

mobil1MN All-Star Author Minnesota Posts:664 Points:1,294,635 Joined:Sep 2007	Message Posted: Sep 10, 2012 4:56:01 PM Ignore mobil1MN Report Abuse ok
sparky808 Champion Author Honolulu Posts:2,998 Points:597,735 Joined:Sep 2011	Message Posted: Sep 10, 2012 7:37:17 AM Ignore sparky808 Report Abuse Thank you for posting.
mikesr100 Champion Author Sacramento Posts:3,888 Points:1,079,760 Joined:Apr 2008	Message Posted: Sep 10, 2012 4:34:26 AM Ignore mikesr100 Report Abuse Less accidents!
DerHahn Champion Author Illinois Posts:13,704 Points:2,113,160 Joined:May 2004	Message Posted: Sep 10, 2012 2:35:10 AM Ignore DerHahn Report Abuse those same people are preferring to stay in the city as well instead of moving further out with burb growth.
D4444J Champion Author Albuquerque Posts:1,834 Points:587,905 Joined:Aug 2011	Message Posted: Sep 9, 2012 9:18:09 PM Ignore D4444J Report Abuse Younger people lack ability or desire to get finacing
Number43 Champion Author Lexington Posts:8,697 Points:1,638,170 Joined:Oct 2008	Message Posted: Sep 9, 2012 7:47:47 PM Ignore Number43 Report Abuse People who are unemployed and living with their parents can't afford to buy new.
Number43 Champion Author Lexington Posts:8,697 Points:1,638,170 Joined:Oct 2008	Message Posted: Sep 9, 2012 7:46:29 PM Ignore Number43 Report Abuse I don.t usually buy a new car, favoring instead a used car.
Amtrgas Champion Author Oakland Posts:2,678 Points:1,620,820 Joined:Dec 2007	Message Posted: Sep 9, 2012 6:51:29 PM Ignore Amtrgas Report Abuse In hard times you have to make due with what you can.
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: Sep 9, 2012 4:44:01 PM Ignore melvindale Report Abuse 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.
camel1 Champion Author Minnesota Posts:8,265 Points:2,265,640 Joined:Jul 2006	Message Posted: Sep 9, 2012 4:33:59 PM Ignore camel1 Report Abuse 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
CorvairHaven Champion Author Cleveland Posts:4,349 Points:1,452,965 Joined:Sep 2008	Message Posted: Sep 9, 2012 4:23:23 PM Ignore CorvairHaven Report Abuse A different generation with even less understanding of the concept of money than the last one.
walkingtall Champion Author Toronto Posts:3,994 Points:1,120,705 Joined:Nov 2004	Message Posted: Sep 9, 2012 4:21:45 PM Ignore walkingtall Report Abuse 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.
Red7002011 Champion Author Mississippi Posts:3,327 Points:667,745 Joined:Jul 2011	Message Posted: Sep 9, 2012 4:21:05 PM Ignore Red7002011 Report Abuse Really!
dougerstew Veteran Author Oregon Posts:394 Points:1,109,480 Joined:Dec 2005	Message Posted: Sep 9, 2012 4:20:28 PM Ignore dougerstew Report Abuse not surprised
gmcgas Champion Author Atlanta Posts:5,948 Points:1,713,195 Joined:Mar 2004	Message Posted: Sep 9, 2012 4:17:04 PM Ignore gmcgas Report Abuse at least they see cars as a dead expense all the way. no investment at all.
waynemustang Champion Author Indiana Posts:6,372 Points:1,664,810 Joined:Nov 2006	Message Posted: Sep 9, 2012 4:15:51 PM Ignore waynemustang Report Abuse They drive used cars.
Focus2 Champion Author Illinois Posts:7,889 Points:1,919,030 Joined:Mar 2006	Message Posted: Sep 9, 2012 4:14:30 PM Ignore Focus2 Report Abuse 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.
headhog Champion Author Indiana Posts:1,654 Points:846,470 Joined:Nov 2008	Message Posted: Sep 9, 2012 4:13:58 PM Ignore headhog Report Abuse I suspect many are unemployed or underemployed. Many also have significant debt already from college bills.
harleyhusker Veteran Author South Dakota Posts:409 Points:705,730 Joined:Dec 2005	Message Posted: Sep 9, 2012 4:12:42 PM Ignore harleyhusker Report Abuse yup
N4PIP All-Star Author Miami Posts:899 Points:418,455 Joined:Jan 2012	Message Posted: Sep 9, 2012 4:12:31 PM Ignore N4PIP Report Abuse It's hard to afford a car when a bachelors degree nets you $10 to $15 an hour.
BigBearHug Champion Author Amarillo Posts:2,214 Points:487,055 Joined:Dec 2011	Message Posted: Sep 9, 2012 4:11:08 PM Ignore BigBearHug Report Abuse so?
JimVP All-Star Author Chicago Posts:632 Points:153,760 Joined:Sep 2011	Message Posted: Sep 9, 2012 4:09:25 PM Ignore JimVP Report Abuse Look at the unemployment rate of the 18 to 34 year olds. Difficult to buy a car when you are not employed.
Fhuang66 Champion Author Cleveland Posts:1,323 Points:911,680 Joined:Oct 2005	Message Posted: Sep 9, 2012 4:06:33 PM Ignore Fhuang66 Report Abuse Unless it i snecessary, not everyone need to own a car.
drz614 Champion Author Harrisburg Posts:2,300 Points:597,690 Joined:Aug 2011	Message Posted: Sep 9, 2012 4:06:00 PM Ignore drz614 Report Abuse u reap what u sow
scubadaniel Champion Author Dayton Posts:1,416 Points:691,095 Joined:Jan 2011	Message Posted: Sep 9, 2012 4:05:40 PM Ignore scubadaniel Report Abuse 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.....
iamforiu Champion Author Indiana Posts:3,570 Points:710,665 Joined:May 2011	Message Posted: Sep 9, 2012 4:04:07 PM Ignore iamforiu Report Abuse No surprise here
toadNY Champion Author Albany Posts:7,042 Points:1,513,150 Joined:Apr 2008	Message Posted: Sep 9, 2012 4:02:49 PM Ignore toadNY Report Abuse Do they even have a job in this economy?
Focus2 Champion Author Illinois Posts:7,889 Points:1,919,030 Joined:Mar 2006	Message Posted: Sep 9, 2012 4:01:45 PM Ignore Focus2 Report Abuse 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.
netman044 Champion Author Texas Posts:6,848 Points:1,288,275 Joined:Sep 2005	Message Posted: Sep 9, 2012 4:01:13 PM Ignore netman044 Report Abuse 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.
Pete12 Champion Author Albany Posts:4,874 Points:1,644,175 Joined:Nov 2005	Message Posted: Sep 9, 2012 4:00:49 PM Ignore Pete12 Report Abuse They probably don't have as much money as an older person might.
slowpoke63 Champion Author Louisiana Posts:2,737 Points:886,390 Joined:Jul 2009	Message Posted: Sep 9, 2012 4:00:05 PM Ignore slowpoke63 Report Abuse ok
bradley1969 Champion Author Wisconsin Posts:1,533 Points:330,355 Joined:Mar 2012	Message Posted: Sep 9, 2012 3:58:41 PM Ignore bradley1969 Report Abuse O.....WHATEVER!!!!!!!
itzagasgasgas1 Champion Author Cincinnati Posts:3,969 Points:1,598,520 Joined:Aug 2005	Message Posted: Sep 9, 2012 3:58:08 PM Ignore itzagasgasgas1 Report Abuse Make them sign a no text pledge if they want a low interest loan.
mplato Champion Author Columbia Posts:8,249 Points:1,815,270 Joined:Jun 2004	Message Posted: Sep 9, 2012 3:58:05 PM Ignore mplato Report Abuse so is this baby boomers
ILoveGoldens All-Star Author Kentucky Posts:901 Points:378,880 Joined:Aug 2011	Message Posted: Sep 9, 2012 3:57:50 PM Ignore ILoveGoldens Report Abuse 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?
Gascapade Champion Author Fort Worth Posts:3,017 Points:481,705 Joined:Mar 2009	Message Posted: Sep 9, 2012 3:57:21 PM Ignore Gascapade Report Abuse Perfect market fit for the GM Spark.....
Spankster85 Champion Author Chicago Posts:1,724 Points:356,090 Joined:Nov 2011	Message Posted: Sep 9, 2012 3:56:28 PM Ignore Spankster85 Report Abuse I don't find this the least bit surprising.
bell05 Champion Author Atlanta Posts:9,250 Points:1,875,635 Joined:Jun 2005	Message Posted: Sep 9, 2012 3:56:21 PM Ignore bell05 Report Abuse A real shaky time in life.
Spirits All-Star Author Florida Posts:911 Points:372,800 Joined:May 2008	Message Posted: Sep 9, 2012 3:55:31 PM Ignore Spirits Report Abuse Poor kids.
MRHONEST Champion Author Illinois Posts:2,212 Points:1,675,680 Joined:May 2007	Message Posted: Sep 9, 2012 3:54:38 PM Ignore MRHONEST Report Abuse Really?
pbug101 Champion Author Georgia Posts:2,454 Points:578,925 Joined:Aug 2011	Message Posted: Sep 9, 2012 3:54:12 PM Ignore pbug101 Report Abuse ok
CatMan623 Champion Author Houston Posts:16,362 Points:2,343,795 Joined:Aug 2006	Message Posted: Sep 9, 2012 3:53:57 PM Ignore CatMan623 Report Abuse 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]
dollarwatcher Champion Author Wisconsin Posts:7,940 Points:1,534,245 Joined:Mar 2007	Message Posted: Sep 9, 2012 3:52:27 PM Ignore dollarwatcher Report Abuse 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.
merlinMalo Champion Author San Antonio Posts:1,209 Points:536,110 Joined:Jun 2011	Message Posted: Sep 9, 2012 3:51:53 PM Ignore merlinMalo Report Abuse ok
munch252 Veteran Author Cleveland Posts:282 Points:136,735 Joined:Aug 2012	Message Posted: Sep 9, 2012 3:51:32 PM Ignore munch252 Report Abuse 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!
bvrbill Champion Author Eugene Posts:3,217 Points:517,775 Joined:Jul 2011	Message Posted: Sep 9, 2012 3:50:48 PM Ignore bvrbill Report Abuse Not surprising.
suzmar Champion Author Texas Posts:2,212 Points:871,990 Joined:Jun 2006	Message Posted: Sep 9, 2012 3:49:37 PM Ignore suzmar Report Abuse Who wants to commit to a large purchase when you don't know how secure your job is?
Harry813 Champion Author Iowa Posts:3,000 Points:660,890 Joined:Jul 2011	Message Posted: Sep 9, 2012 3:49:33 PM Ignore Harry813 Report Abuse Well......... I did not buy a new car when I was that age either!
TekWare Champion Author Toronto Posts:3,161 Points:672,300 Joined:May 2011	Message Posted: Sep 9, 2012 3:49:12 PM Ignore TekWare Report Abuse Between gas prices and insurance, they're being priced out of the market. Not dissimilar from the housing market.
carman11 Champion Author North Carolina Posts:3,337 Points:691,725 Joined:Jun 2011	Message Posted: Sep 9, 2012 3:48:50 PM Ignore carman11 Report Abuse 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.