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Fewer Families Own Cars: Nearly 10%!

For the first time in fifty years, fewer Americans own cars. Recent data shows that 9.3% of American families are now without a car. Though many may believe this trend is due to current economic conditions, State Highway and Transportation officials say it is because there are a variety of alternatives to travel. Other studies indicate that there is a generational shift in the view of personal automobiles in millennials and Generation Y. These groups are more inclined to find alternative means of transportation and view cars as a burden. It should also be noted that because of the quality of cars that are currently being produced, they are lasting longer. The automotive research firm, Polk, said that cars on the road were had an average age of 11.4 years. Polk believes that this is due in part to durability and the desire to avoid monthly payments. It is believed that this is the most significant technological change in transportation in the last fifty years.

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The author has many years of experience in automotive finance and insurance. However, each consumer's situation is unique. It is best to contact a finance specialist for further assistance.
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