Young people not buying new cars

November 8, 2013 12:00 AM

Buying a car used to be a rite of passage for many Americans, but in today's economic landscape, it is not quite as common. According to, Millennials, or drivers between the ages of 18 and 34, are not buying as many new cars as in the past. With employment rates for this age group lagging behind the national average, as well as a slowing housing market, many of these individuals lack the funds and the need for their own vehicle. 

"Millennials haven't seen the same benefits in the labor, housing and stock markets that Baby Boomers and others have enjoyed over the last year," said Dr. Lacey Plache, chief economist of "As a result younger Americans across all income levels have had trouble pulling together the financial motivation to buy a new car." 

Of course, with so many people sharing cars and attempting to extend the life of older models, the need for proper vehicle maintenance becomes all the more important. Extended use of vehicles can wear down brakes, impact tire pressure and lead to damage to any number of systems under a car's hood. Investing in the proper car repair can remedy these issues and extend the life of a car, saving Millennials money. 

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