U.S. Millennials Take Longer to Drive Away in New Wheels: Chart
Millennials are taking longer to buy new cars as other generations speed up process
Every generational cohort in the U.S. is purchasing cars faster except millennials, according to researcher Cox Automotive. Younger consumers’ rising debt levels play a clear role, said Steve Lind, general manager at Cox’s Autotrader. Millennials, many of whom are first-time car buyers, may also be slower to seal deals because there are more technology options available than ever before, he said. Automakers report May U.S. deliveries on Thursday, with analysts projecting a sales pace slower than a year earlier for the fifth month in a row.