Don’t believe the hype. Young people still value vehicle ownership

Electric connected vehicle shown at the APMA conference

Auto analyst John McElroy says predictions about the end of personal vehicle ownership are overblown.

Speaking at the Automotive Parts Manufacturers Association (APMA) conference in Windsor,  McElroy said car ownership will continue to be attractive to young people for as long as it is cheaper than alternative transportation services.

“Vehicle ownership is predicated on socio-economic factors,” said McElroy. “Those who can afford cars will buy cars.”

McElroy, a Michigan-based automotive journalist and creator of the Emmy-winning Autoline broadcasts, said future growth for the auto industry could come from personalization of vehicles, which is an especially attractive idea to millennials and Gen-Z drivers.

“It will be like choosing a wallpaper on the outside,” McElroy said, suggesting the look of cars will become highly personalized.

McElroy also told conference attendees that the push towards autonomous vehicles will open up opportunities for automakers.

“Millennials and Generation Z like to hang out together, “ McElroy said.

“They want to go together in one vehicle. Once we get to true autonomous Level 5 vehicles, these millennials will custom vehicles into the ultimate party machines.”