Young Americans ditch the car |
| CNNMoney - Sep 17, 2012 |
America's young people just aren't buying cars like they used to.
The share of new cars purchased by those aged 18-34 dropped 30% in the last five years, according to the car shopping web site Edmunds.com.
Some say the economy is mostly to blame -- that the young aren't buying because they've been particularly hard hit by the recession.
But others say the trend could be part of larger social shifts.
One reason is demographic: The re-urbanization of America is giving more people access to public transportation. The advent of Zipcar (ZIP) and other car-on-demand businesses is eliminating the need to own and insure an expensive vehicle that often isn't driven much.
But mostly it's the explosion of social media. Car ownership just may not be as socially important as it used to be.
Read Full Article from CNNMoney
- Posted: 2012-09-17 13:58:56
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