Most people think cars are essential must-haves in the modern world. They make traveling easier and more convenient. If you own a car, there is no need to use public transport and ride along with other passengers trying to get to their destination on time. You have a vehicle you can use no matter how late or early. You can go on a road trip any time you want and it can seat many people, depending on its capacity.
While car ownership has lots of perks, many millennials still don’t have their own car. This is not to say that they don’t love cars like most people. According to ChristopherKnittel, millennials own as many cars as the Baby Boomer counterpart. But on a side note, Generation Y is driving more miles compared to the other generation.
It is important to note that millennials have different spending habits and values. It is safe to say that most millennials have a love-hate relationship with car ownership.
Why Some Millennials Don’t Have Their Own Cars
Some millennials still don’t have their own cars because they have other priorities in mind. For one, millennials are into experiences. According to statistics, millennials prefer paying for experiences more than products. They would rather pay for their travels and spa time than invest in worldly possessions like houses and cars.
Generation Y is also financially unhealthy. Survey says 22% of millennials are considered financially vulnerable. This means most of the time, 17.8 million millennials are struggling financially.
Since many millennials have financial issues, they are postponing car purchases. For Generation Y, their massive student debts make it hard for them to be able to afford many things. When one has thousands of dollars worth of student debt, one will really think twice before investing their hard-earned cash.
Another reason why millennials have car ownership as the least of their priorities is since cars are major contributors to air pollution. We knowGen-Yersare advocates for sustainability. They have all the characteristics of people who support sustainable and ethical practices.
This is the very reason why many of them would hold on to their cars longer. When buying cares, they prefer eco-friendly vehicles. They are also avid users of ride-sharing apps. They use public transportation more and are often seen hiring private car services when traveling.
Did you know that most Gen-Yerslack automotive maintenance skills? As car owners, it is only a must that you know a thing or two about how cars work and what to do in case of minor car issues. Many millennials don’t do car maintenance like checking their car tire pressures. Many don’t even read their car owner’s manual before using their vehicles. Also, the fact that car maintenance can be costly is another expense most millennials are not ready to handle.
Lastly, some millennials don’t even need cars. Most of them are now working from home. They mostly rely on technology to get things done.
They do their shopping online. Millennials use different apps and the internet to socialize. They have their own ways to entertain themselves without leaving their homes. They can even find jobs and earn money without leaving the house. If they do find the need to go outdoors, they prefer commuting as they can save more money in the process.
Car-buying Habits of Generation Y
Even though some millennials are not car owners, there are still some who are buying cars. Their buying habits are different from other generations.
Before buying anything, millennials love to do a bit of research. Studies show they stand out in smartphone usage. They use the internet to search for virtually everything. When it comes to cars, they are not just looking for vehicles that meet their needs and budget. They are also looking for discounts.
MostGen-Yersprefer cars with safety and eco-friendly features. They are very specific when it comes to the features they want. They want to still stay connected even while they are on the road.
Aside from these, millennials are not afraid to share their feedback on review sites. They aim to share their reviews with other buyers as a way to educate them. They value reading reviews as much as they value sharing them.
In a nutshell, Gen-Yersalso love cars but many of them prefer having access to vehicles than taking on the responsibility of car ownership. They have valid reasons for delaying car purchases like their love for experiences and financial struggles. This only means we can expect more millennials to buy their own cars in the future. But for now, they are contented with ride-sharing, commuting, and private car rentals.
