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Why Millennials aren’t buying cars or houses & what that means for the economy

Home Forums General Columbus Discussion Why Millennials aren’t buying cars or houses & what that means for the economy

Viewing 15 posts - 166 through 180 (of 211 total)
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  • #511951

    gramarye
    Participant

    dubdave00 said:
    My assumption is that millennials are mostly “delaying” things, rather than avoiding them.
    Some of it is due to the economy, some of it is due to millennial culture / values or peer influence.

    At some point, delaying becomes avoiding, or at least avoiding for a significant enough length of time to be independently noteworthy. If the Millennial age cohort (which I guess I’m technically one–born in 1981) largely does end up purchasing houses, but waits until an average age of 40 instead of 28 to do so, that’s a major change even if you could potentially call it just “delaying.”

    Similarly with cars. The Millennials that give up cars entirely may be the headline story, but also relevant is the number of them that simply drive their cars for more years before trading up, whether for economic or other reasons. I’ve had my car since 2007 and have only recently started thinking about trading up. My wife has had hers for even longer (and it’s older), and likewise only recently started thinking about trading up. My parents, by contrast, got new (used) cars reasonably regularly, and there was a time when our four-person household owned six motor vehicles.

    The hardest thing to judge is what 20 somethings say, versus what they will ultimately end-up doing. I’ve made plenty of decisions and choices (Now at 31) that my 25 year old self vowed never to do. People change. Values change. Culture changes. And so does the economy.

    All true, and while I haven’t joined the ranks of homeowners yet, I have to admit that I’m more open to the concept now than I was two years ago. Part of that was getting married to someone who is not particularly content with the downtown apartment lifestyle. The second part of that is the lack of acceptable rental housing options in Akron. The market here is not as broad or deep as in Columbus. Columbus realistically can claim that it offers something for everyone; Akron cannot, and in particular, young professional DINKs are basically not a well-served market here. I could find ample student-quality housing and a couple of high-end luxury rentals, but very little in between. Therefore, where I’d be quite happy shifting from renting an apartment to renting a house, the market may not give me that option.

    #511952

    susank
    Member

    I guess there is a lot of anecdotal evidence. My parents both have toyotas which are pushing 15 years old and not because they can’t afford new ones. My dad is excellent at fixing cars but I have had a hard time finding that among my millennial friends. I am sure they are out there, but it looks like a decreasing pool.

    Are millennials less handy? Maybe since they aren’t buying houses and cars they aren’t fixing them as well.

    #511953

    gramarye
    Participant

    My mom can change the oil in her car. She cannot, however, install a new RAM stick, graphics card, or internal hard drive in a PC. (And forget my dad. USB confuses him.)

    In truth, adding more RAM isn’t actually that difficult. And I’m sure I’d find the same if I ever looked into how to change the oil in my car. It’s just a matter of what we’ve found sufficiently interesting and worthwhile to justify taking the time to learn.

    #511954
    Walker Evans
    Walker Evans
    Keymaster

    gramarye said:
    The Millennials that give up cars entirely may be the headline story, but also relevant is the number of them that simply drive their cars for more years before trading up, whether for economic or other reasons.

    +1

    We bought our car used on Craiglist for cash and have no desire to go back to having a car payment right now. Had it for three years now (and only got it because the prior car was totaled) and no plans on getting a new one anytime soon.

    gramarye said:
    My parents, by contrast, got new (used) cars reasonably regularly, and there was a time when our four-person household owned six motor vehicles.

    No joke, my parents TODAY have two cars, two trucks, a boat and four motorcycles. For the two of them. ;)

    #511955

    kit444
    Participant

    gramarye said:
    My mom can change the oil in her car. She cannot, however, install a new RAM stick, graphics card, or internal hard drive in a PC. (And forget my dad. USB confuses him.)

    In truth, adding more RAM isn’t actually that difficult. And I’m sure I’d find the same if I ever looked into how to change the oil in my car. It’s just a matter of what we’ve found sufficiently interesting and worthwhile to justify taking the time to learn.

    Changing oil isn’t that difficult (depending on where the oil filter is). Disposing of old RAM is easier than old oil, however, which is why I’d rather pay the $25 to have someone else do it. I agree on the generational divide. I’m much more inclined to tear apart and repair a PC than a car and my father is just the opposite.

    #511956
    spfld_expat
    spfld_expat
    Participant

    I’m a millennial and I changed my own oil exactly ONCE. I can do it myself, but the place I take my car will do the full oil/filter/lube thing for about $20. It would cost more to DIY, plus it would take me all morning.

    #511957

    susank
    Member

    My dad taught us how to change the oil. It isn’t hard but it is messy. You are in charge to pick the filter and the oil. It is much better than bulk stuff at Jiffy lube. Hardest part for me was finding the right height curb in the SN. I would drive one side up on the curb so I could slide under. :) I got some ramps and it has been a lot easier. My dad though would fix everything car related. He also swapped my motherboard. ;)

    #511958

    GCrites80s
    Participant

    Walker said:

    No joke, my parents TODAY have two cars, two trucks, a boat and four motorcycles. For the two of them. ;)

    BOATS! So many people that age have them! Somehow I get the feeling that boats are probably going to be a tough sell to Millennials; motorboats at least.

    #511959

    gramarye
    Participant

    GCrites80s said:
    BOATS! So many people that age have them! Somehow I get the feeling that boats are probably going to be a tough sell to Millennials; motorboats at least.

    Well, they’re also probably a tougher sell to urbanists than to others of our age. I know a couple of kids I went to high school with have little boats with outboard motors that are basically big enough for 2-3 people, a few cases of beer, and fishing tackle. (I think they usually come back with no fish and no beer, but I doubt they care.)

    #511960
    Walker Evans
    Walker Evans
    Keymaster

    GCrites80s said:
    BOATS! So many people that age have them! Somehow I get the feeling that boats are probably going to be a tough sell to Millennials; motorboats at least.

    Well, I should add the disclaimer that they actually live on a lake in Alabama and have their own loading dock and pier on their own property. ;) So it’s at least fitting for them.

    #511961

    leftovers
    Member
    #511962

    GCrites80s
    Participant

    Walker said:
    Well, I should add the disclaimer that they actually live on a lake in Alabama and have their own loading dock and pier on their own property. ;) So it’s at least fitting for them.

    I probably wouldn’t be into dirt bikes and quads as much if I couldn’t just go down to the farm to ride them on our own property. Having to load the things up, get all the permits in order and drive another hour or two each way to ride ’em would be a buzzkill. Especially when it’s hard for me to get two days off in a row.

    #511963

    News
    Participant

    Seven Ways Technology Is Rendering the Automobile Obsolete
    Wednesday, May 15, 2013
    by Tanya Snyder

    As we try to understand why young people are so much less jazzed about driving than previous generations, one possible explanation always comes up: Kids today just love their smart phones.

    That is part of it. But the full picture is far more nuanced.

    READ MORE: http://dc.streetsblog.org/2013/05/15/seven-ways-technology-is-rendering-the-automobile-obsolete/?utm_source=feedly

    #511964

    RhondaH
    Member

    I think that is really the obvious reason, but even older millennials don’t seem to use smartphones the way younger sections of the generation are. There is a change in the way of thinking about how to go about getting stuff done. It isn’t just the automobile which is becoming obsolete.

    #511965

    Dust
    Member

    Looking forward to rush hour to be a thing of the past. The added lanes on 71 and construction expanding many roadways a mistake?

Viewing 15 posts - 166 through 180 (of 211 total)

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