When it comes to owning a vehicle these days, Millennials are finding it tougher and tougher to keep up with the cost of brand new automobiles. With that being said, people still need to get around – some are going to rely on public transportation and such, while others are just going to work with whatever they can. When it comes to your choice of vehicle, a lot of factors are going to come into play. You’ll want one that looks a certain way, or even has a specific set of features; but the main thing that’s going to determine car that you’re driving, would be your finances.
If you’re not in a position to just purchase a brand new car (like most of us), it’s going to call for some creative thinking. If you wanted to make use of a relatively new model, you’re probably going to need to get yourself into a lease. That’s not exactly optimal for Millennials, but we’ll cover that a little bit later on. Firstly, let’s talk about the type of cars that a Millennial could consider.
The models that are being put out these days just don’t seem to be extravagant. I’m a Millennial myself, and it’s quite obvious that there is an abundance of features that simply don’t need to be implemented. Oh, I can open my trunk with my foot? That’s cool! But what I would really enjoy, is if you made that 2016 model a little less feature-prominent, and a little more affordable. At the end of it all, I don’t need half of the features being included within the newer models – it’s all just padding, in a sense. Some people aren’t even going to think about buying new, and jump immediately to the used options; which means they aren’t even interested in getting their hands on a rear-view parking camera (just turn your head around, man!).
Used cars are not only somewhat reliable (if you buy the right used car, it should serve you well for at least a few years), but they aren’t going to break your bank. There are tons of models to choose from, and you’re not going to be overpaying due to an extensive list of (seemingly) useless features.
The economy is another thing to take note of. These days, it isn’t exactly easy going about purchasing a vehicle. Not only that, but in order to lease one, you’ve got to have a solid credit score. Millennials are looked at as being not only incredibly smart, but relies on the previous generation before them (that being “Generation X”). Millennials are almost used to living the school-lifestyle, and some of them never want to break out of it – building credit and taking care of car payments isn’t exactly something that’s always on their minds (not that it never happens, mind you).
When you buy a used car, the only thing you’ve got to worry about is making insurance payments and gas money. Anything on top of that is somewhat extra, unless you factor in any sort of repairs that might be needed (but if you’ve searched high and low for the right used car to purchase, that won’t be a problem for a long time). Not only that, but Millennials have also complained about a shortage of jobs. Tons of people are spending 4 or 5 years in school, as well as copious amounts of money for their student fees/textbooks; only to come out and realize that they can’t get a job.
Student debt is a harsh reality of life, and it can play a part in the financial status that you sport for years. When you’ve got so much debt to pay off, getting into a leasing agreement for a 2016 Honda Civic doesn’t exactly seem ideal. Buy used and buy smart – odds are you’ll get way more bang for your buck. When compared to leasing and buying new, going the used car route is optimal (in regards to Millennials) for many different reasons! So much so, that a lot of Millennials these days are refusing to look at brand new cars.