5/12/2014 - False alarm? Young people still interested in driving
Apparently, the notion that young people are losing interest in driving just plain isn't true, as yet another study indicates that this group of consumers are, in fact, quite taken by the opportunity to get behind the wheel.
Several months ago, the Highway Loss Data Institute released a report detailing how a substantial number of teenagers were taking out auto insurance policies with less frequency. Though some of this may have had something to do with their not being as intrigued with operating a vehicle on their own, the thrust of the report suggested that it also stemmed from economics, or not being able to find a job to help pay for it.
However, a new analysis from global marketing and information services firm J.D. Power and Associates says that teens and consumers under the age of 25 still long to drive.
"There is a lot of discussion today about many young consumers not having the resources, interest or even passion to own a new vehicle," said Arianne Walker, senior director of automotive media at J.D. Power. "However, this age group really is passionate about vehicle ownership, their driving experience and the image associated with the vehicle they buy. Not only do they enjoy driving, but they also see their vehicle as a reflection of their identity."
She added that they also want to personalize their cars by adding special features to it that are in line with their personality types.
Among some of the key findings from the report, approximately one-third said that they "completely agreed" with the suggestion that they wanted their car to be distinguishing, where people would notice it for being especially unique. Furthermore, more than one in every four said that they wanted to make it their own by personalizing it.
In mid-January, professional services firm Deloitte came to similar conclusions, revealing that Generation Y had a deep interest in vehicle ownership.