Young Adults Aren’t Buying Many Cars

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Image Not Available

Young adults are driving less, according to CNN Money. More to the point, they’re buying fewer cars.

CNN says, “The share of new cars purchased by those aged 18-34 dropped 30 percent in the last five years, according to the car shopping web site Edmunds.com.”

Why? Lack of money. Urban living along with car-on-demand services like Zipcar. And the Internet…

Couple that with recent restrictions on driving – later ages for licenses, limits on how many people can be in the car, restrictions on cell phone use – and the Internet may be surpassing the automobile in the category that gave cars so much appeal: freedom.

A Deloitte study the article cites finds nearly half of 18- to 24-year-olds would rather have Internet access than a car.

Get smarter with your money!

Want the best money-news and tips to help you make more and spend less? Then sign up for the free Money Talks Newsletter to receive daily updates of personal finance news and advice, delivered straight to your inbox. Sign up for our free newsletter today.