New Data today: Auto industry Says Young people will buy cars again
AP Reporting This now, this is great news for ABTL:
The auto industry says people under 34 are gradually starting to buy cars again as their economic circumstances improve.
After the Great Recession, sales of cars to young people dropped significantly. Fewer of them even bothered to get drivers licenses. Some experts surmised that the group lost interest in cars because of the prevalence of social media.
Data presented at a big industry conference in Northern Michigan on Tuesday show that young cars buyers are making a slow, if uneven, return to the market.
People age 18 to 34 accounted for more than 14 percent of the U.S. new car market just five years ago, but that plunged to 10.5 percent in 2011, to according to registration data collected by the Polk auto research firm. The figure grew to 12.3 percent last year.