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TOV Forums > Today's Reading Links > > Re: Younger generations simply don't make enough money to purchase a new vehicle

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nightflow
Profile for nightflow
Baby Boomers buy more cars than young generations    (Score: 1, Normal) 09-02-2013 21:41
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http://www.sfgate.com/business/article/Baby-Boomers-buy-more-cars-than-young-generations-4781446.php

"Fewer young people are interested in driving. Just 79 percent of people between 20 and 24 had a driver's license in 2011, compared with 92 percent in 1983, according to the Michigan study. Conversely, the oldest Boomers are trooping down to the Department of Motor Vehicles in growing numbers to remain licensed to drive. Almost 93 percent of those 60 to 64 had a driver's license in 2011, up from 84 percent in 1983.

That helps explain why people from 55 to 64 had the highest rate of vehicle purchases in 2011 and the youngest age groups had the lowest. Even consumers 75 and older bought cars at a higher rate than 18-to-34-year-olds, the Michigan study found."
superchg2
Profile for superchg2
Re: Baby Boomers buy more cars than young generations    (Score: 1, Normal) 09-02-2013 21:53
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A Smart Phone in every Pocket.
Slawsk
Profile for Slawsk
Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-03-2013 00:55
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Face it...Owning a new vehicle costs the average buyer about $500 a month. Factor in taxes, maintenance, full coverage insurance and perhaps a bit of gasoline. That's 6K a year. If the average 24-35 year old is only making 35K a year, 10% of their income is going to keep 4-wheels turning.

It's the economy, stupid, and the young generation doesn't have the seniority to warrant higher wages which would afford a new set of wheels.

Ever wonder why the used car market is so hot?
Nick GravesX
Profile for Nick GravesX
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-03-2013 05:32
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Young man's blues, by The Who?

gogzy
Profile for gogzy
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-03-2013 09:58
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my colleague has been telling me how his father's generation was able to support a family, mortgage payment for a house, and 2 cars, with sole income earner in the household; it's out of reach for average/median income in today's world, let alone in younger one.
DCR
Profile for DCR
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-03-2013 10:01
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This just in...younger people have less money than older people.
A77X
Profile for A77X
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-03-2013 10:15
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This is so true and so tough for the manufacturers. Can they really design cars for the main buyers, ie the over 50s or keep on plugging away at gen y, who can't afford the insurance. So many of the over 50s just can't cope with the complexity of modern cars. I have not had one customer interested in AHA or facebooking or tweeting or emailing in their car. Sure some like the USB and sat radio and most are keen to get Bluetooth working. Cars need this. But the majority of buyers are more hung up about simple things like visibility, ease of getting in and out, roominess, and road noise. And how it looks. And going back to Bluetooth, the complexity of voice dialing is counterproductive. It just makes people get out their phones and try to read the little screen. I'm talking about the address book being locked out when in motion.
jshaw
Profile for jshaw
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-03-2013 10:24
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Or the keypad being locked out in motion.

But all that is merely liability transfer. Car makers couldn't be bothered to give a crap after they are no longer on the hook.
LudeLeRoy
Profile for LudeLeRoy
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-03-2013 11:42
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DCR wrote:
This just in...younger people have less money than older people.


HAHA... knowing your humor - that made me LOL ...
xBeastx
Profile for xBeastx
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-03-2013 17:26
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Wait a second. If this generation doesn't have enough money to buy a new car, then we will run out of used cars in about 30 years! The car companies will have to bash the cars from the factory!
kidoairaku
Profile for kidoairaku
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-04-2013 12:36
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also younger people buy used cars because they dont have money! and younger buyers buy small cars cause they're cheaper.
Seriously, I read too many stupid manufacturers talking about Gen Y cars that have all these useless things that cost the same as non Gen Y cars and then they cant figure out why it wont sell to the Gen Y.

OEM's! wait a few more years, the Gen Y will have families and money, sell to them then. In the mean time HELLO? what about us Gen X's? we have the money now! stop forgetting us!
Trip
Profile for Trip
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-04-2013 14:48
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kidoairaku wrote:
OEM's! wait a few more years, the Gen Y will have families and money, sell to them then. In the mean time HELLO? what about us Gen X's? we have the money now! stop forgetting us!


Seriously . . . I've read time and again that this younger demographic doesn't have the cash at that age like 30 and 40 yo's did at that time. With student loan debt, more and more people are living with their parents, putting off buying a home, waiting later and later to start a family and surprise - they'll buy cheap and reliable used cars before buying a new car.

This is what has torqued me with Acura. The ILX is going after the demographic that doesn't have money. Instead, why not go after the "older" guys like us that have cash and are willing to buy a new car. To that end, play with our memories and emotions . . . Revive the RSX name plate that we remember. Keep the TSX around. How about an update to the 3rd gen TL? IMO Acura is totally misreading their demographics.
gofast182
Profile for gofast182
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-04-2013 15:35
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Trip wrote:
kidoairaku wrote:
OEM's! wait a few more years, the Gen Y will have families and money, sell to them then. In the mean time HELLO? what about us Gen X's? we have the money now! stop forgetting us!


Seriously . . . I've read time and again that this younger demographic doesn't have the cash at that age like 30 and 40 yo's did at that time. With student loan debt, more and more people are living with their parents, putting off buying a home, waiting later and later to start a family and surprise - they'll buy cheap and reliable used cars before buying a new car.

This is what has torqued me with Acura. The ILX is going after the demographic that doesn't have money. Instead, why not go after the "older" guys like us that have cash and are willing to buy a new car. To that end, play with our memories and emotions . . . Revive the RSX name plate that we remember. Keep the TSX around. How about an update to the 3rd gen TL? IMO Acura is totally misreading their demographics.


I guess I'm in the last year or two of gen X, so yeah, stop forgetting us! Make me a driver's car that's built as tight as a drum, I could give two shits whether it has CMBS, ACC, or that other nonsense (but I do like LDW so make sure it has that). Quit worrying about these supposedly cool hipsters (idiots, really) who spent $30k+/yr on philosophy/art history/and dare I say (in come cases) generic communications degrees and wonder why they're mired in debt with no job prospects.
Nick GravesX
Profile for Nick GravesX
Re: Younger generations simply don't make enough money to purchase a new vehicle    (Score: 1, Normal) 09-04-2013 15:43
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gofast182 wrote:
Trip wrote:
kidoairaku wrote:
OEM's! wait a few more years, the Gen Y will have families and money, sell to them then. In the mean time HELLO? what about us Gen X's? we have the money now! stop forgetting us!


Seriously . . . I've read time and again that this younger demographic doesn't have the cash at that age like 30 and 40 yo's did at that time. With student loan debt, more and more people are living with their parents, putting off buying a home, waiting later and later to start a family and surprise - they'll buy cheap and reliable used cars before buying a new car.

This is what has torqued me with Acura. The ILX is going after the demographic that doesn't have money. Instead, why not go after the "older" guys like us that have cash and are willing to buy a new car. To that end, play with our memories and emotions . . . Revive the RSX name plate that we remember. Keep the TSX around. How about an update to the 3rd gen TL? IMO Acura is totally misreading their demographics.


I guess I'm in the last year or two of gen X, so yeah, stop forgetting us! Make me a driver's car that's built as tight as a drum, I could give two shits whether it has CMBS, ACC, or that other nonsense (but I do like LDW so make sure it has that). Quit worrying about these supposedly cool hipsters (idiots, really) who spent $30k+/yr on philosophy/art history/and dare I say (in come cases) generic communications degrees and wonder why they're mired in debt with no job prospects.



Now you're getting close to the REAL problem!

A lot of the sheeple have believed all the shit they've been sold and wonder why it's all gonna end in a mountain of unliquidated debt.

If you wanna see what Gens Y & Z will be driving, go to Argentina...


 
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