Cars (and Gas)
A car is certainly not an impulse purchase. It takes time, research, and lots of thought and consideration. Millennials are not willing to go through everything it takes to buy a car when there are other ways to make travel convenient without having to deal with the headache of always having to find a parking spot, make monthly payments, and let’s not forget the expensive and often purchase of gas!
Over the last decade, drivers between the ages of 18-25 have decreased by 25% and many are even opting out of getting a driver’s license. Younger people tend to settle down in urban areas where public transportation is more accessible. Many millennials have also become accustomed to using money-saving travel apps like Uber and Lyft.