The auto market, much like any other market, has undergone huge changes over the years and this can be attributed to a myriad of different factors. Previously, the majority of adolescents would be desperate to start learning and own their first car, but this is not so much the case in today’s day and age.
The Cost of Driving
Many millennials have gone against the grain and this has led many people to dub them as the auto market’s “lost generation”. So, how has this come to be? One of the major contributing factors is the economic situation in this country in recent times. Quite simply, many households are simply unable to afford driving when you factor in the costs of lessons, purchasing a vehicle, insurance, running costs etc. As a result, many millennials have never learnt to drive or in some cases they have passed their test but do not own a vehicle due to the costs.
Easy Alternatives
Another contributing factor is the fact that public transportation in the major cities is excellent and sufficient for most – in London, it is much easier to get the tube or a bus than to drive through the city which can be both difficult and expensive. In addition to this, the rise of ride-sharing services like Uber has made it easier than ever for someone to get to where they need to be without the stress of driving themselves, parking etc. It is so easy to get around in today’s day and age that owning a car is not a necessity like it previously has been.
Eco-Conscious
On top of all of this, millennials are (generally) an eco-conscious group that are aware of the harm that petrol and diesel can cause. Sales have plummeted over the last two years whilst the demand for alternatively fuelled vehicles is on the rise and it is easy to see this group opting for an electric vehicle over a petrol or diesel if they are able to afford it.
Financing a Vehicle
Although there are many millennials that do not drive and have no need to, there are still those that like the idea of having a car but struggle to afford one and may have poor credit. Fortunately, there is a solution for this group in the form of car loans from places like Likely Loans. This can make it much more affordable and easier to secure the finance for an automobile.
Millennials certainly do not have the same approach to driving as older generations and this is for a number of different reasons. Whether or not they are the auto market’s “lost generation” is not clear as there are still those that have an enthusiasm for driving and rely on their car each day.