Thursday, May 5, 2011

"No Vehicles Please. We're Echo Boomers."

Do Echo Boomers Value Owning Their Own Car?

As Echo Boomers mature, some generational differences involving car ownership are beginning to emerge. While the article seems to imply that Echo Boomers avoid car ownership because of the environment, most of the avoidance comes from the costs of a car (important: what cars will Generation Y buy?).

Keep in mind that only 10% of Echo Boomers hold more than $1,500 in their name, and anyone with a car can tell you stories about a time when their car needed repair. These repairs add up over time, and they reflect only the tip of the iceberg. A car owner also needs gasoline, regular oil changes, and decent insurance. With some of these prices rising, some Echo Boomers may find that using public transportation or living close to work provides them with more money.

Some other noteworthy trends:

  1. Many Echo Boomers admit that if they could, they would drive less than they currently do. Notice the main reason: the high cost of owning a car, not the environment. The additional information about texting and posting to facebook provides some humor that many car companies won't appreciate.
  2. From the same article, unlike former U.S. generations, Echo Boomers would like more transportation options. Based on the Echo Boomers I've spoken with, it seems that the Southern Millennials experience this problem with transportation options more than the Northern Millennials.
  3. When it comes to environmental concerns, Echo Boomers drive less due to environmental reasons than other U.S. generations.