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Generation Y Buys Fewer Cars

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Young adults are far less auto-centric than previous generations are a recent survey is showing. Generation Y (people aged 21 – 30) buys fewer cars than previous generations and the cars it does buy, don’t get driven as much.

In 1995 drivers aged 21 – 30 accounted for 21% of all miles driven in the United States. Now the same age group only accounts for 14%. Generation Y is getting by with more reliance on mass transit, car sharing services and alternate forms of transportation like bicycles.

William Draves, the Learning Resources President, attributes the difference to a shift in spending priorities more than anything else stating that, “This generation focuses its buying on computers, BlackBerrys, music and software and views commuting a few hours by car a huge productivity waste when they can work using PDAs while taking the bus and train.”

Surveys are also showing young people are citing environmental concerns as a growing reason for abandoning car ownership with the increasing number of hybrid and electric vehicles failing to have an impact on the trend.

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