Remember the good ‘ole days, when we Baby Boomers were teens and couldn’t wait until the moment we passed Driver’s Ed and got our license? We would work all summer slinging burgers, mowing lawns, or babysitting to save up that $500 to buy our first clunker. You were not “Cool” if you didn’t have wheels. Well, times have changed and a first car is no longer the “Holy Grail” for today’s teens and Millennials.
According to Digital Trends, “Teens and young adults started holding out on getting their golden ticket to motorized freedom in about 1984” and the trend has continued through today. There are several issues facing our youth that influence their car buying decision. First of all, the cheap clunker is not so cheap today. It is not unusual to spend $3,000 or more on that first used car. That adds up to a lot of burger flipping. The weak economy has put pressure on this cohort, which is also looking at daunting college loans in addition to competing car loans.
And, as Fast Company points out, “What auto manufacturers, along with much of corporate America are missing here is that the vehicles to freedom and personal identity have changed for this generation.” That rite of passage to personal freedom, away from parents, is no longer that important. Moreover, 24/7 connectivity via smartphones and other gadgets allow teens and Millennials to stay close to home while enjoying long distance relationships. Through these devices, this generation is “establishing identities, relationships, and individualism online all day long…”
Car companies are panicking because they can’t convince this $200 billion purchasing-power generation to buy cars. The trend is clear. From 2007-2011, the number of cars purchased by people aged 18-34, fell almost 30% according to a study from the AAA Foundation for Traffic Safety. Also, only 44% of teens even get a license within the first year of coming of age.
That said, if your children or grandchildren are among the kids who are really committed to owning wheels, it’s time for a serious conversation. Safety is your first concern. You know the stats on teen driving and accidents. That is why you want your kids to be as safe as possible, which may translate into a newer car. The theme must be that a car is a privilege and not a right. Not to mention, it is a big responsibility. You may still be viewing your offspring as just your child, but I assure you, the law will not. That “little kid” is now driving a lethal weapon.
Your next concern is the money angle. I am not a proponent of you footing the bill for that luxury car, even if money is not a consideration. I think it sends the wrong message. I am a great proponent of any child contributing to the cost of the car, insurance and maintance… and the full cost of any accident and insurance hikes that result from careless driving.
So, how do you get started with your teen driver as they start to think about owning or driving a vehicle? Here are a few important tips:
According to Digital Trends, “Teens and young adults started holding out on getting their golden ticket to motorized freedom in about 1984” and the trend has continued through today. There are several issues facing our youth that influence their car buying decision. First of all, the cheap clunker is not so cheap today. It is not unusual to spend $3,000 or more on that first used car. That adds up to a lot of burger flipping. The weak economy has put pressure on this cohort, which is also looking at daunting college loans in addition to competing car loans.
And, as Fast Company points out, “What auto manufacturers, along with much of corporate America are missing here is that the vehicles to freedom and personal identity have changed for this generation.” That rite of passage to personal freedom, away from parents, is no longer that important. Moreover, 24/7 connectivity via smartphones and other gadgets allow teens and Millennials to stay close to home while enjoying long distance relationships. Through these devices, this generation is “establishing identities, relationships, and individualism online all day long…”
Car companies are panicking because they can’t convince this $200 billion purchasing-power generation to buy cars. The trend is clear. From 2007-2011, the number of cars purchased by people aged 18-34, fell almost 30% according to a study from the AAA Foundation for Traffic Safety. Also, only 44% of teens even get a license within the first year of coming of age.
That said, if your children or grandchildren are among the kids who are really committed to owning wheels, it’s time for a serious conversation. Safety is your first concern. You know the stats on teen driving and accidents. That is why you want your kids to be as safe as possible, which may translate into a newer car. The theme must be that a car is a privilege and not a right. Not to mention, it is a big responsibility. You may still be viewing your offspring as just your child, but I assure you, the law will not. That “little kid” is now driving a lethal weapon.
Your next concern is the money angle. I am not a proponent of you footing the bill for that luxury car, even if money is not a consideration. I think it sends the wrong message. I am a great proponent of any child contributing to the cost of the car, insurance and maintance… and the full cost of any accident and insurance hikes that result from careless driving.
So, how do you get started with your teen driver as they start to think about owning or driving a vehicle? Here are a few important tips:
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