millennial's are ditching theircars, and it has to do with the sharing economy, and the waythat they would rather live their lives. not to simplify the issue,there are many different components involved in why amillennial would give up their license or their car, butlet me give you the numbers. here we go. "the proportion of twenty ã± twenty-four-year-oldsdriving from 1983 to 2014
has fallen from 91.8percent to 76.7 percent. in 2010, adults between theages of twenty-one and 34. just twenty-seven percent ofall new vehicles sold in america, down from the peak ofthirty-eight percent in 1985. even the proportion of teenagerswith the license fell by twenty percent between 1998 and 2008."i remember when we started noticing this trend, and we werediscussing it on this show, and there was this hypothesis thatmillennial's are just kind of lazy.
they don't want to get theirlicense, it's a pain in the ass, butt there are so manydifferent components. student loan debt being one ofthem, cars are so expensive. the sharing economy beinganother, it is super easy to hop into an uber and go wherever youneed to go, or to get a zip car, it is much cheaperthan owning a car. my opinion is, thank god. coming from a state that issuesout licenses at the age of sixteen, i do not thinkthat anybody ã±
even though i starteddriving at sixteen ã± i don't think anybody shouldstart driving at 16. i wish that i did not. i am so thankful that i did notget into a life-threatening accident, but there wasliterally an accident every week at my high school, andsome that were fatal. it was really horrendous. the other component of this isthat there is a distraction technology that has intervenedinto the driving practice, i
can't even imagine what it islike to be sixteen, flipping through instagram and trying tomaintain a huge vehicle that my father would warn usis a weapon. those are some of the otherthings that i think about with this trend. another thing is that thesesort of financial structures that you mentioned couldalso be cost prohibitive. we are coming from a generationof baby boomers and immigrants that came here, and they workedvery hard, and given the
economy at the time they were ina position to build some assets. put money into a household, andthen children or teenagers would work minimum-wage paying jobsand they would put that to what the car. sometimes parents wouldsubsidize that effort. but now you have children whoare like our children. i don't have a house, idon't own any property. what sort of economic ecosystemare they operating in? i know that it is a sharingeconomy, but what is their
parent's generation and howthat influencing what opportunities theyhave in front of them? i also think that biking is apart of the new urban geographies, and has reallyenhanced the way that cities are being used, andmobility is being expanded. i think overall this is agood thing because we need less cars on the road. we need more people toride sharing. it helps the environment and italso helps the economy in some
way, because instead of having these millennials take out moredebt for a car, they are finding more ways tospend the money. just to give you an example, alot of millennials polled said that they would rather spend themoney on technology. a laptop, or a smart phone,because remaining connected is the new status symbol. it is no longer a car.
i have to say, i sold my carbut not having a car is tough. how do you get around? la doesn't have the bestpublic transportation. i live in manhattan beach,and i either uber or ride into work with my boyfriend, a numberof things, but i might just break down. it is tough. it depends on the layout andthe city planning of the area you live in, because in laeverything is so spread out. as long as you are going to livein a bubble where your home
into a work in her family isall in one very convenient place, it is going to be reallydifficult to not have a car. but in a lot of other cities andurban areas it is condensed, so it is easier to get around witha bike, or maybe you just take an uber. i remember moving to newyork and i was stunned that there are people there who aremy age that never learned to drive, but it makes total sense,why would you ever need to learn to drive when you can justhop in a subway or a taxicab?
and now their options haveexpanded into low-cost ridesharing. yes, absolutely. it is not just about cars, youalso think similar trends would come to houses. the share of younger peoplegetting their first mortgage between 2009 at 2011 is half ofwhat was just ten years ago. zipcar conducted a survey ofmillennial's, and this generation said, "we don'tcare about owning a car.
cars used to be what peopleaspire to own, now it is about smartphones." that is from the coo, so ofcourse he will say that, but it is consistent withwhat we have been seeing.
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