The latest data from the
University of Michigan’s Transportation Research Institute (UMTRI) bolsters the idea that younger Americans are much less interested in car ownership than their older siblings, parents and grandparents.
Bloomberg highlighted data from the study showing that while consumers in the 35-to-44-age demographic were the most likely to be purchasing new cars four years ago, today it’s the 55-to-65-age Baby Boomers buying new cars with the most frequency. In 2011, boomers were 15 times more likely to purchase new vehicles than young millennials (ages 18 to 24), and even consumers ages 75 and up have been buying cars at higher rates than groups ages 18 to 24 and 25 to 34.