Millennials’ and Gen-Zers are not the favorite generation of car manufacturers! Unlike the generations that came before, Millennials aren’t all that fussed about buying a car or even passing their driving test.
Tough to imagine when for so many of us, the moment we passed our test was a moment of pure joy, and a rite of passage into adulthood! So why isn’t it like this for millennials?
They Are in Debt Already
Millennials are leaving university in thousands of pounds worth of debt, and the salary levels at the graduate jobs they are fiercely competing for haven’t budged to reflect this.
On top of this, house prices are so high that most millennials don’t stand a chance of ever being able to own one. Their rent takes up pretty much all of their meagre pay checks, leaving precious little left with which to save up for a deposit.
When you consider all of this, it’s no wonder they don’t want to splash out on a car.
There Are Viable Alternatives
Another reason millennials aren’t buying cars is because they don’t really need to. Car hire companies are competing to make their offerings as compelling as possible – for example Mercury Rent-a-Car, a Tamworth based car hire company will bring a car right to their customer, wherever they are within Tamworth or surrounding areas such as Burton on Trent, Lichfield and Derby!
The advent of ride sharing apps and the emergence of companies like Uber also means that millennials really have no need to buy a car, they can already get everywhere they need to go.
Cars Are a Headache
Owning a car is a lot of responsibility. First of all, you need to be able to park it. Chances are, a millennial isn’t going to be living in a house with it’s own driveway! That means trying to find on-street parking is troublesome at best, particularly in cities.
Then there’s all of the little things you have to remember to do. Check the oil, check the tyre pressure, fill up the windscreen washers, change your wiper blades, get an MOT each year… the list goes on. If you aren’t that fussed about owning a car in the first place, you can see why the list of obligations that comes with it would put you off even more.
Concern for the Environment
Millennials have grown up with concern for the environment at the forefront of their minds. They are deeply concerned about the effect of greenhouse gases on the planet, and therefore buying a petrol or a diesel vehicle wouldn’t be something that they would want to do.
Perhaps in a few years millennials will get excited at the prospect of owning an EV, but it may be some time before we see prices drop enough for this to be a viable option.
Sitting in Traffic Isn’t Fun
Cities are busier than ever, and sitting in traffic is a daily reality for anyone who owns a car and has to travel at any of the peak times. It can be pretty stressful, and a lot of millennials prefer instead to ride their bikes, or take public transport.