Monday, January 20, 2014

Money troubles prevent Gen Y wheels

Money troubles prevent Gen Y wheels
It is true that the economy improves and more people have work, but Generation Y are still worried about the affordability by buying or leasing vehicles, according to a new study by Deloitte.

Gen Y the study defines whom respondents - as people who plan 61 percent between 1977 and 1994 born -, buy or lease a car in the next three years and 23 percent within the next year. 8 Percent have no plans to buy or lease of a vehicle.

Among the respondents who do not own or lease now, 80 percent said they cannot afford a new car, with 75 percent express concern about operational and maintenance costs to buy.

"Affordability is a huge problem for Gen-Y," said Joe Vitale, global automotive sector leader at Deloitte. "Many in Gen Y had a hard time financially and implications of their decisions."

18 To 34 years old are the percentage of new cars dealers fell in the year 2013, despite car manufacturers and car offer leasing payments as low as $200 per month, according to Edmunds.

Rising prices range likely factor. According to Kelley Blue Book, the average price of a new vehicle $32.086,00 last year was almost $400 paid - more than in the year 2012.

Higher costs are a challenge not only for Gen Y consumers but for automakers. Attract younger buyers is more difficult than the price of a new vehicle edge higher.

The group is also affected their desire to connect, of all time, Vitale said, adding that "40 percent of Gen Y prefers, take public transportation, so you can stay connected with their friends."

The indifference surprised not Craig Giffi, leader of Deloitte's U.S. Auto, said that Gen-Y "to occur three times as often as other generations is by buying or leasing a car."

A very interesting survey result includes Gen Y settings about fuel-efficient Green cars.

Fifty-three percent think that it is an alternative motor vehicle five years from now, with gas-electric hybrid will go the preferred option. In addition, 61 percent of the surveyed Government funding programs, questioned that reward consumers for choosing alternative or high-efficiency motors.

"they are more likely than other generations, to support government subsidies for alternative power cars", said Giffi.

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