Today’s younger consumers are buying fewer cars than previous generations did in past economic recoveries, said General Motors Chief Economist Mustafa Mohatarem. Whether or not that’s because today’s younger generations are less interested in cars all around or not, is a different matter.
Some of the reasons causing some young people from buying cars are new car affordability, the overhang of student loan debt, and higher operating costs, Mohatarem told the Center for Automotive Research Management Briefing Seminars: “It’s not a permanent withdraw from the market, it’s more of a delay.”
In that regard, young car buyers seem to be missing from the market, rather than being entirely absent.
To note, Chevrolet is offering more entry-level and affordable small cars than at any time in its history with the Spark city/mini car and Spark EV electric car, the Sonic subcompact and the Cruze compact. All three, according to GM, are winning new buyers to the Chevrolet brand.