Younger drivers forced to delay vehicle ownership

For a time, there was concern that younger generations were losing interest in driving. However, recent trends show this isn’t quite the case.

According to industry findings, more people among the 35-44 age group are now entering the vehicle market. This marks a shift as older cohorts taper off — a normal trend but a promising sign for the automotive industry’s future.

“It’s not that they weren’t interested in driving; it’s just that it was delayed,” explained Todd Campau, associate director of the aftermarket at S&P Global Mobility.

At AAPEX last fall, he noted that many young people are now purchasing vehicles as they reach their late 20s and early 30s, driven by life milestones like starting families or landing stable jobs.

“It might not be the rite of passage it was when I was 16 to get a car, but they’re still coming to owning vehicles as they age. It’s just not happening as young as it did in the past,” he said during his presentation, Trends in the Aftermarket.

Campau also pointed out how these generational shifts might influence the market.

“We might have a slightly different consumer as we start to reach Gen Z buyers. It could shift what they’re interested in from a vehicle standpoint, as well as accessories and other things they want to do with their vehicle,” he said. “But it’s good for the overall health of the market.”

In addition to the resurgence of younger buyers, Campau shared encouraging news about vehicle miles travelled (VMT). Despite initial forecasts predicting a decline in 2023, mileage levels remained steady. Looking ahead, VMT is expected to hit record numbers.

“We’re looking at about 13,000 miles per light vehicle annually,” he said. “In total, that’s around 3.7 trillion miles travelled on U.S. roads by passenger cars and light trucks.”

Campau emphasized the importance of vehicle usage as a metric for the industry’s health.

“It’s not just about how many vehicles are on the road or how old they are. Are they getting used? That’s very important to our business.”

He added that anyone driving these days can see evidence of not just increased usage but shifted driving patterns.

“Rush hour might look a little different in some places, but there’s still traffic all the time, which is good news for us,” Campau said.

Image credit: Depositphotos.com