NEW YORK (1/19/16)--Car sales are at historic highs, but even more surprising is that young people are buying.
According to the research firm J.D. Power and Associates, the average age of new car owners fell in 2015 from 49 to 48, spurred in part by a growing number of Gen Y buyers (The Wall Street Journal Jan. 5). The generation of young adults often thought of by analysts as Uber-obsessed and debt-averse, now comprise 28% of sales--up from 17% in 2010.
BloombergViewargues that people across all age groups are spending less of their income on cars today than they did in the ‘80s and that the record number of sales is driven by a recovering economy and population growth--pointing out that the U.S. population increased 29% between 1989 and 2014--rather than a sustainable trend.
Regardless, it’s clear more young adults are buying cars today than in the recent past. If you’re a young adult shopping for your first car, you have some advantages.
Here are three things to consider:
For more information, read “INFOGRAPHIC: Buying Your Teen’s First Car in 3 Steps” at the Home & Family Resource Center.