Young Americans Couldn't Care Less About Owning A New Car

bike, biking, gen y

Photo: Flickr / Mikel Pierre

The high cost of car ownership is driving Americans ages 18-34 to seek alternative modes of transport, a survey finds. Millennials told the Frontier Group they’ve made a conscious effort to cut back on driving, and would drive much less if public transportation, car sharing or carpooling were readily available. 

Clearly, gas prices have been gouging consumers for months while college debt and a bleak jobs market have put millennials behind the financial 8-Ball.

But the study also comes at a time when young people’s attitudes toward vehicles in general are shifting.

Even millennials with disposable income are embracing the non-driving trend. From 2001 to 2009, Americans ages 16-34 living in households with annual incomes over $70,000 upped their public transit use by 100 per cent, biking by 122 per cent and walking by 37 per cent, according to the Frontier Group.  

All that bike riding might be a good thing for our wallet: As we’ve previously reported, The Power of Habit author Charles Duhigg champions eliminating one wasteful routine to help other areas of our life shift for the better. 

Now check out the best credit cards for saving cash at the pump > 

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