Car Market Struggles To Pick Up Traction With Young Buyers
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By John Ostapkovich
PHILADELPHIA (CBS) — Young people may not have their parents’ love affair with the car, but they’re hardly abandoning the idea of owning one.
The percentage of new cars bought by 18 to 35 year olds has been rebounding after sputtering about the time the Great Recession hit.
Kevin Mazzucola is the executive director of the Automobile Dealers Association of Greater Philadelphia.
“Is it the lack of interest or is it the economic availability of these vehicles? Is it the chicken and the egg, and certainly what they have gone through over, that particular demographic in that period of time has had an influence, not on their desire but their financial ability,” Mazzucola says.
Penn nursing student Rachel McFadden says she has to drive back home in Maryland, but doesn’t drive so much while in Philadelphia.
“I do have a car that I use to go grocery shopping but and that’s about it, I use my bike for about everything else,” she says.
Some have suggested cash-strapped young people will forgo a car or a house but have to have the latest phone.