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\ABS\Auto Blog Samurai\data\insurance\wwwallstatecom\car+manufacturers+say+younger+drivers+aren+t+as+interested+in+buying+new+cars_16000325_800379885_0_0_7010956_300.jpg "Car manufacturers say younger drivers aren''t as interested in buying new cars.")
While the new car market is slowly beginning to recover, automakers are concerned younger drivers aren't as interested in purchasing a new vehicle as they have been in the past, reported the Detroit Free Press.
According to IHS Automotive told the Free Press that as baby boomers hit retirement, people younger than 38 are expected to account for a larger percentage of drivers by 2015. However, young people now have the option to buy a plethora of gadgets, games, and computer accessories that may prevent them from investing in a new vehicle, according to the newspaper.
"Many young people care more about buying the latest smartphone .... than getting their driver's license. That's a serious problem we need to address," Jim Lentz, president of Toyota Motor Sales, told the paper.
While younger drivers may be opting for older vehicles so they can afford other purchases, they also may be choosing them to receive less expensive auto insurance rates. According to Bankrate.com, cars that are over 10 years old, or have more than 100,000 miles on them, do not need the same comprehensive and collision coverage as a newer vehicle, allowing owners to pay a lower premium.
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