There’s something romantic about driving. Sitting down behind the wheel and going wherever the road may take you is arguably the very essence of American culture. But it’s a love affair that many say is slowly fizzling out with Gen Z and Millennials, who would much rather take an Uber as opposed to paying for a car. Or is it?
It’s true there’s plenty of evidence supporting the argument that the drive to drive is dwindling among younger generations. Climate-conscious and financially wary, Gen Z and Millennials seem likely to abstain from purchasing expensive, pollutant-emitting vehicles. Additionally, as Fast Company points out, they’re far more likely to live in cities than suburbs, and amenities such as bike-sharing and ride app services make it easy to get around sans car.
However, when The Tylt poised several debate questions surrounding cars—particularly with regards to ownership—those ages 25 to 34 voted enthusiastically. In fact, 100 percent of those who voted on whether or not they’d rather finance or lease a car were that age bracket, 66.6 percent stating they’re more partial to financing.
This information is telling for two reasons. One is that young people—who are supposedly uninterested in hitting the road—are the majority in voting on a debate specifically pertaining to owning a car. The other is the fact they’d rather pay more for a car via financing as opposed to incremental leasing amounts. It would appear that Gen Z and Millennials are willing to pay for a car they’d be using long-term after all.
Other matters also seem to hold more sway over their purchase decision than just price. Over 53.8 percent of them would rather buy cars based on mileage than price tag. However, 66.7 percent wouldn’t mind purchasing a car that’s used over one that’s new. This seems to be more of a guy thing, though, as 78.2 percent of those who voted #GoUsedCars were male. An overwhelming majority even expressed they’d still like to get their driver’s license due to the fact they simply #CantWaitToDrive.
The disconnect between car buying and younger generations is the unique issues they’re faced with: mostly, but not limited to, pricing as well as concerns around the environmental implications of buying a car. Whomever taps into the solution for this problem will allow for Gen Z and Millennials to make their driving dreams a reality. The open road will finally be open once more.