No New Car Smell For Young Adults?
Twin Falls, Idaho (KMVT-TV) If you have a new driver in your family – more than likely you've already heard 'hey mom and dad, can I get a new car?' Seems the number of young adults buying new cars has decreased over the last five years...as much as 30 percent.
"Since you're on a budget, new would probably be out of the question, something more used right?
-New is a little pricy, I'd probably go used."
Enrique Lopez is in the market for a used car. After all, he's looking to move out of state and wants something reliable.
"I got to have some sort of all wheel drive, four–wheel drive because where i'm going, is going to snow a lot. I need something to keep me on the road. I need something with lower mileage," adds Lopez.
Ricky Franks, General Sales Manager at Rob Green adds, "mostly people are buying things more economical. We're selling a lot of hybrids, smaller to mid–size suv's, instead of larger ones, a lot of smaller to mid–size trucks, not larger ones."
Edmunds.com attributes factors like the unemployment rate and young adults borrowing their parents' car as reasons why they're not buying new.
James Cagle, Used Car Director, Con Paulos says, "the 18–34 generation is not established in their job or their income situation as well as the older groups are. Cars continue to get more expensive as they always have and always will."
But for Franks, the second half of year tends to be a different story for the new car market.
"Towards the end of the year, manufacturers are doing more with incentives as in rebates and interest rates, I think it trends more to them buying new at the end of the year," adds Franks.
And whether it's a new car you're in the market for or a used one...
"Everybody's gotta have a car to get from Point A to point B," adds Cagle.