Staff Writer - CheersandGears.com
August 7, 2013
Yesterday at at the Center for Automotive Research’s Management Briefing Seminars, General Motors' Chief Economist Mustafa Mohatarem told attendees that the reason young people aren't buying cars because they're not interested. It's more to do with economic reasons.
Mohatarem downplayed the reason that young kids are more interested in the internet and what's the latest hot thing in tech, and pushed the rising costs of cars, repairs, and insurance as some of the reasons why young people aren't buying vehicles.
“I don’t see any evidence that the young people are losing interest in cars," Mohatarem said.
He says the biggest problem facing young people buying cars is they are having a challenging time finding jobs. Also, high student loan debt are causing many to skip buying a car.
“Buying a car is less attainable for the young, but that quickly changes as they get older," he said.
Source: The Detroit News